There is good news for those businessmen registered in GST (Goods and Services Tax), who missed taking advantage of Input Tax Credit (ITC) in the year 20 21-2022. Bihar State Tax Department i.e. Commercial Tax Department has decided to give him another chance. Businessmen can take advantage of this without any penalty and interest till November 20 and by paying penalty and interest from November 20 to 30. There is always some change in the rules of GST. From January 1, 2022, the Bihar government added a new condition to the conditions for taking ITC. Under which now ITC can be taken only and only if the supplier (seller) has uploaded that input in his GSTR-1 and is reflected in the GSTR-2A/2B of the buyer of the goods. For some reason, the seller could not get the benefit of ITC due to non-uploading of the goods in GSTR-1.

Input tax credit (ITC) can be understood with an example. Suppose a dealer bought goods worth 1 crore from another dealer in the month of January, on which GST of 18 lakhs was paid at the rate of 18%. Now he sold this goods for one crore 10 lakhs and collected 19 lakh 80 thousand tax. Is. Now that dealer has to pay tax of Rs 1 lakh 80 thousand after deducting input credit of Rs 18 lakh from this tax.

Continuous efforts are being made by the Government of Bihar to promote industry and trade. Under this, big relief is being given to the traders in between. This includes the exercise of GST from simplification of tax filing to giving exemption.