credit on input invoices

[raj nadh]

Dear Experts,

Is there any differences between the credit taken on input invoices issued by stage-I / stage-II dealers, Manufacturer invoices and importer invoices.

What is the effect, if we show them in 'Credit Taken on inputs on invoices issued by manufacturers” columninstead of showing in their relevant columns in ER-2

Anand

[YAGAY andSUN]

Dear Anand,

For administrative purpose these (i.e. credit taken on input invoices issued by stage-I / stage-II dealers, Manufacturer invoices and importer invoices) are required to be shown as prescribed in law. However, such mistakes are correctable mistakes, as you can intimate to the department that inadvertently such clerical mistakes have occurred and availed credit would be allowed to you.

Regards

Team YAGAY and SUN

(Management and Indirect Tax Consultants)

AI Summary

Classification of Input Credit must follow prescribed ER 2 columns; clerical misclassification is correctable if intimated to the department. Entries of input credit from stage I/stage II dealers, manufacturers and importers must be shown in the specific columns prescribed in the ER 2 return; clerical misclassification into the manufacturer column is a correctable error and the taxpayer may intimate the mistake to the department to preserve the availed credit.