https://www.taxtmi.com/news?id=18649 Under GST traders can claim full input tax credit on domestic purchases and IGST on imports; registration is required except for dealers of exempt goods or those below the turnover threshold without inter State supplies. The optional composition levy offers simplified quarterly tax payment and return filing for small taxpayers but excludes them from the credit chain and disallows purchasers from claiming credit; composition eligibility, exclusions, withdrawal rules and reverse charge obligations are prescribed. Transitional provisions allow carry forward of duty paid credit with invoices or a deemed credit scheme where invoices are absent. en-us Thu, 17 Aug 2017 13:22:37 +0530 Thu, 17 Aug 2017 13:22:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18649 Under GST traders can claim full input tax credit on domestic purchases and IGST on imports; registration is required except for dealers of exempt goods or those below the turnover threshold without inter State supplies. The optional composition levy offers simplified quarterly tax payment and return filing for small taxpayers but excludes them from the credit chain and disallows purchasers from claiming credit; composition eligibility, exclusions, withdrawal rules and reverse charge obligations are prescribed. Transitional provisions allow carry forward of duty paid credit with invoices or a deemed credit scheme where invoices are absent. News - Thu, 17 Aug 2017 13:22:37 +0530 https://www.taxtmi.com/news?id=18649