News Karnataka
Wednesday, November 30 2022
Business

Deadline for firms to fix GST input credit errors ends today

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New Delhi : Wednesday is the last day to revise incorrect claims on input tax credit made by businesses registered under the Goods and Services Tax (GST), the government has announced.

In an official statement earlier announcing the deadline of December 27, the Central Board of Excise and Customs (CBEC) had also warned of audit and enforcement action against businesses that have claimed high credits without any basis if they fail to rectify anomalies within the deadline.

According to official sources here, traders claiming higher tax credit as compared to their previous tax record has affected GST collections.

Official data showed on Tuesday that falling for the second consecutive month, the total revenue collected under GST touched Rs 80,808 crore in November — down from Rs 83,346 crore in October, possibly also due to the large scale rate cuts made last month.

“It has been noted that some taxpayers have availed extraordinarily high transition credit of CGST which is neither commensurate with the trend of input tax credit of the industry nor as maintained by the taxpayer himself in the past. Some of these high transitional credits may have a bonafide explanation or may be a case of bona fide mistake,” the CBEC said earlier in a statement.

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