Companies that Claimed Over 95% Input Tax Credit Under Radar
Highlights:
Tax authorities have dropped emails looking for answers from companies which paid over 95% of their tax liability by claiming Input Tax Credit.The questions have arisen due to a big change in turnover reported by the companies, the decline in growth of central GST liability.The Institute of Chartered Accountants of India (ICAI) western regional council has written and questioned the tax authorities practice in dealing with such cases.
Companies that used Input Tax Credit for paying most of its Goods and Services Tax (GST) liability or the companies that reported a drastic change in the turnover are being questioned by the tax officials.
Tax authorities have dropped emails looking for answers from companies which paid over 95% of their tax liability by claiming Input T...