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Ludhiana: In a setback for businessmen, some major changes in the GST regime are being implemented from January 1, which will affect the businesses of the small scale industry, which have regular GST numbers.
Though several changes have been slotted to take place from the new year, the biggest one which is likely to affect the small industry most is the reduction in the limit of taking input tax credit (ITC) with respect to invoices not showing in GSTR-2B from 10% to 5%. With the option of filing quarterly returns now available to the small tax payers having annual turnover of up to Rs 5 crore, those opting for quarterly returns will be at the receiving end as the ITC passed by them to their customers will reflect in customers’s GSTR-2B only after three months when the seller files his quarterly return. This will discourage the buyers to deal with them and instead look for vendors who file monthly returns.