Businesses might receive intimation from indirect tax authorities if there is a mismatch of input tax credit claimed by them with the output tax liability as declared by the supplier. They could even be asked to pay an amount equal to the “excess of credit claimed” with interest and penalty in the absence of satisfactory response.
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Ahead of the Goods and Services Tax (GST) Council meeting next week, a committee of officials has proposed further tightening in the returns filing system to limit the scope of claiming input tax credit to curb fraudulent practices.
Read more at: Business Standard
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