Exploring the World of Input Tax Credit (ITC)

Authors

  • Ritu Shekhawat Practicing Cost Accountant Navi-Mumbai

DOI:

https://doi.org/10.33516/maj.v58i7.42-45p

Keywords:

No Keywords

Abstract

The Introduction of GST simplified our indirect taxes Structure by subsuming multiple taxes and eliminating the cascading effect of taxes and incorporating the concept of Input Tax Credit (ITC). However, the implementation of “ITC†has led to several challenges for the Government, especially in terms of frauds and misuse. To tackle such issues and safeguard the Government’s revenue, various measures are being taken to curb such illicit practices, thereby creating a healthy environment for taxpayers.

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Published

2023-07-31

How to Cite

Shekhawat, R. (2023). Exploring the World of Input Tax Credit (ITC). The Management Accountant Journal, 58(7), 42–45. https://doi.org/10.33516/maj.v58i7.42-45p

Issue

Section

Cover Story

References

Goods and Services Tax Council | GST (gstcouncil. gov.in)

https://www.indianeconomy.net

a. https://www.hindustantimes.com/cities/ chandigarh-news/4-arrested-for-gst-fraudworth- 48-cr-in-jalandhar-101675093608896. html

b. https://economictimes.indiatimes.com/news/ india/delhi-gst-officers-detect-rs-17-crore-taxevasion- by-issue-of-fake-invoice-arrests-2/ articleshow/98758040.cms

c. https://economictimes.indiatimes.com/news/ economy/foreign-trade/24-big-importersfound- evading-rs-11000-crore-igst/ articleshow/100169200.cms

d. https://timesofindia.indiatimes.com/city/ mumbai/electrical-contractor-held-for-itcfraud- using-fake-invoices-in-maharashtra/ articleshow/97625681.cms

GST dept to get access to banking transactions | The Financial Express

https://indianexpress.com/article/ explained/explained-economics/ govt-new-gst-compliance-measures-8605122/

https://www.financialexpress.com/economy/gstautomated- returns-scrutiny-set-to-roll-out/3080779/

https://www.business-standard.com/economy/news/ gst-authorities-prepare-list-of-suspicious-entitiesbeneficiaries- 123051001088_1.html

https://timesofindia.indiatimes.com/city/chandigarh/ special-drive-to-check-fake-gst-registrations/ articleshow/100264589.cms

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