SAG Infotech: Need Tax Software (Call 0141-4072000)

In a recent action taken by the directorate general of GST Intelligence (DGSTI), it was found that a company has taken input tax credit exceeding 10 per cent of the original amount. The case is of a local business unit which had wrongly quoted ITC claim of 3.5 crore instead of the correct one i.e. 35 lakhs due to a clerical error. However, the company further tried to reverse the entry after 6 months which further reinstate the fact of error done by the company. Also, the tax department has recovered 4 crores out of 5 crores from the previous claims. Read also:  Easy Guide to Capital Goods Under GST with Input Tax Credit Eligibility The excess input tax credit amount was registered with a manual entry error which shows up the vulnerability of the GSTN portal. It was said that this kind of error could be avoidable if the invoice matching process would have levied earlier. It might be the chance of deliberate attempt also in the invoice and GST return filing but the dep...