Businesses paying off their goods and services tax (GST) liability using tax credits way more than they are eligible for as decided by the indirect tax body’s IT systems will get auto-generated notices seeking explanations, according to a GST Council decision on Tuesday.
The move has the potential to boost tax collections as businesses and traders may have to use cash payments where tax credits cannot be used. It is also likely to force businesses to ensure tax compliance of their raw material and service suppliers so that the taxes paid at the time of purchase of these items get reflected in GST’s IT system as credit available, without delay.
Bu hikaye Mint Mumbai dergisinin July 13, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin July 13, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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