Goods and Services Tax

Off late at the end of the financial year 2017-18 it has been seen that most of the taxpayers have committed two mistakes 1) either they have not declared the invoice in their returns filed during previous financial year or 2) they have failed to claim Input Tax Credit with respect to invoices received by them in last financial year i.e. 2017-18. Most of them are worried about the consequences. In the first case where the taxpayer has not discharged any tax liability pertaining to the previous year, they can do so anytime after the end of the financial year and pay GST along with interest. Even in case where the taxpayer has issued a debit note and tax liability is still to be discharged, there is no outward time limit for paying the tax on such debit notes. The liability can be discharged any time along with the interest. But this might have negative consequences as well. Not discharging the tax liability would mean that the customer of such taxpayer shall not be able to av...