Updated on: Jul 13th, 2021
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2 min read
Updates from 07th July, 2017
Tax exemptions, as applied under the VAT rule, will not be a part of the GST regime. This will affect companies and states that benefited from area-based excise exemptions under the VAT policy.
The GST Reimbursement Scheme, which was supposed to be in place before July 1st, is on fast track currently, so that the companies based out of these states do not face any crunch in working capital, and can function as usual.
As reported in The Economic Times
Tax exemptions under VAT not part of GST regime, GST Reimbursement Scheme on fast track to help companies, focus on ITC claims and data corrections for compliance.