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Comments on: GST update On Admissibility of Credit on Retention Money https://taxclick.org/type/gst/gst-update-admissibility-credit-retention-money/?utm_source=rss&utm_medium=rss&utm_campaign=gst-update-admissibility-credit-retention-money Tue, 04 Dec 2018 06:38:22 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Neelam Maheshwari Kaushik https://taxclick.org/type/gst/gst-update-admissibility-credit-retention-money/#comment-468 Tue, 04 Dec 2018 06:38:22 +0000 https://taxclick.org/?p=4227#comment-468 The language clearly mention the word ” fails to pay”. In case of retention money, the receiver of goods or service or both doesn’t fails to pay but didn’t pay as per and in line with contract or agreement. If the retention money is payable after three year as per contract, one can not say that receiver filed to pay but the same is payable only at the end of third year. Other is value alongwith tax payable. When it is not yet payable to supplier, it can not become payable. Third the credit to receiver is available to receiver on payment of tax to govt. by supplier, hence govt. tax cycle end there. Govt. can only ensure the interest of revenue but can not decide the business terms of tax payers.

Full credit should be available even if the retention money is not paid within 6 month if contract permit.

Please correct, if it is wrong.

]]> By: Dennis https://taxclick.org/type/gst/gst-update-admissibility-credit-retention-money/#comment-424 Fri, 29 Dec 2017 15:12:22 +0000 https://taxclick.org/?p=4227#comment-424 You really simplified how the GST regime will affect admissibility credit and retention money. Your knowledge can really help small business owners keep up with taxation updates, especially those whom undergo partnership taxation. I definitely feel a lot more informed and educated. Thank you for sharing your interpretations of the law.

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