Input Tax Credit Mechanism Under The New Gst Return System
Under the new GST return system, regular taxpayers are classified under two turnover categories:- Small Taxpayers – having turnover of upto Rs 5 crore in the last financial year. These small taxpayers shall have the facility to file quarterly return with monthly payment of taxes on self-declaration basis. Moreover, the return filing of these small taxpayers are further classified based on the type of transaction carried on by them as shown below,...