Saravanan has led YENNES since inception and has grown the business organically. He has a natural flair for marketing and the technological knowledge gained over the years has ensured that YENNES grows profitably. He started his career with the knowledge of Tally and has ensured that YENNES is one of the top partners of Tally in India. He has been instrumental in creating a solid team with a clear focus on customer delight that now boasts itself as a solution provider than just being a product partner.
Bharati Saravanan Director Operations
Bharati is an accomplished HR professional and has been instrumental in building a committed team of go getters. She identifies the human resource requirements based on the growth and strategy and designs the people practices that ensure maximum productivity and performance. She ensures that the policies and programs are put to practice while enabling and empowering the team to create value to all stake holders.
S Saiseshan Director, Strategy and Sales
S Saiseshan (Sai) has more than two decades of experience in Sales and Strategy across industries. He has been a key member of the company's strategy team for new business generation, alliances, acquisitions and identifying channel sales/technology partners. He has identified and inked alliance opportunities with product development companies, software vendors, clients and channels in Capital Markets and Banking. In Business Development, he has several years of experience in generating sales leads, converting prospects to accounts and market/client specific market strategy. He also has exposure to back office functions of stock exchanges, brokerages and mutual funds and has the unique experience in setting up of an FII and consulting for NRIs on RBI clearances.
R Nagaiah Director, IT Solutions
Nagaiah is responsible for building solutions and holding the solution repository. The customer delivery function also rolls into him and he heads internal IT. He has been instrumental in building Tally competencies within YENNES and has a holistic view of the organization having worked in various capacities within YENNES - he started his career with YENNES.
M Manikandan CFO
Manikandan (Mani) is responsible for Finance, Admin and Audit. Mani has cross industry experience of handling finance and purchase for more than 20 years and is part of the core team of YENNES. He also has the additional responsibility of ensuring investment needs are met in time..
Home » Input Tax Credit Rules under New GST Returns
Input Tax Credit is the heart of GST compliance for all taxpayers. It is the provision of input tax credit that ensures that taxpayers only need to pay GST on the value added to the goods or services supplied. In the first phase of GST implementation, taxpayers are required to claim input tax credit on a self-assessed basis, as declared in GSTR-3B. In the second phase of GST implementation, as discussed in our article ‘New GST return filing process’, input tax credit of each taxpayer will be arrived at based on the invoices uploaded by their suppliers and locked by them. Let us understand the input tax credit rules under new GST return filing process.
Input Tax Credit rules under new GST returns – Mechanism
As per the input tax credit rules under new GST return filing process, only an invoice uploaded by a supplier and locked by the buyer will be a valid document for claim of ITC by the buyer.
Suppliers must pay the tax liability on supplies made during a month by 20th of the next month. Suppliers will also have the facility to continuously upload invoices for their supplies to the GST portal. These invoices will be instantly shown to the buyers in the GST portal and can be locked by them. Input tax credit for a month will be arrived at based on the invoices uploaded by suppliers until 10th of the following month. Invoices uploaded by suppliers after 10th of the following month will be considered for ITC in the following month, as per the input tax credit rules under new GST returns.
Let us take an example to understand the input tax credit rules under new GST return:
Example: Super Cars Pvt Ltd supplies cars to Rakesh Automobiles. In April ’19, Super Cars Pvt Ltd makes the following supplies to Rakesh Automobiles:
Date of invoice
Date of invoice upload by Super Cars Pvt Ltd
Return in which Super Cars Pvt Ltd has to pay the liability
Return in which Rakesh Automobiles can avail input tax credit
5th April ‘19
25th April ‘19
15th April ‘19
9th May ‘19
30th April ‘19
12th May ‘19
In the above table,
For the invoice dated 5th April ’19, Super Cars uploads the invoice on 25th April ’19. Super Cars has to pay the liability on the supply in the return for April ’19, as the supply has occurred in April ’19. Rakesh Automobiles can also avail input tax credit on the supply in the return for April ’19, as Super Cars has uploaded the invoice by 10th May ‘19.
For the invoice dated 15th April ’19, Super Cars uploads the invoice on 9th May ’19. Super Cars has to pay the liability on the supply in the return for April ’19 as the supply has occurred in April ‘19. Rakesh Automobiles can also avail input tax credit on the supply in the return for April ’19, as Super Cars has uploaded the invoice by 10th May ’19.
For the invoice dated 30th April ’19, Super Cars uploads the invoice on 12th May ’19. Super Cars has to pay the liability on the supply in the return for April ’19 as the supply has occurred in April ‘19. Rakesh Automobiles can avail input tax credit on the supply in the return for May ’19, as Super Cars has uploaded the invoice after 10th May ’19.
Hence, taxpayers can expect a systematic and simplified process for claiming input tax credit in the next phase of GST implementation. However, the focus on the buyer’s input tax credit being based on the supplier’s invoice remains a key feature in the entire system. Hence, it is important for taxpayers to become aware of the input tax credit rules under new GST returns and choose their suppliers carefully.