A considerable relaxation period for Fast Moving Consumer Goods (FMCG), food, retail and pharmacy chains.
A lot many companies in FMCG and pharma sectors have been serving the notice by the tax authorities by asking them to revert the tax credit input.
GST will be recovered from the customers without reversing the credit input.
It is a considerable relaxation period for Fast Moving Consumer Goods (FMCG), food, retail and pharmacy chains. The government confirmed that in the buy one get one scheme, the additional quantity will be qualified for tax credit input.
The company is not eligible to pay the price of the additional quantity until it is on the side of the high tax rate. They do not need to revert for the tax credit input.
The industry has already clarified about the matter. A lot many companies in FMCG and pharma sectors have been serving the notice by the tax authorities by asking them to revert the tax credit input.
In the circular it is already cleared that under the buy one get one scheme, the GST will be recovered from the customers without reversing the credit input.
