A majority of show-cause notices issued to taxpayers below the Items and Companies Tax (GST) regime final 12 months pertained to ‘information discrepancies’ in tax return filings, and efforts are underway to make use of know-how to resolve such mismatches and mitigate the resultant disputes in addition to ‘ache factors for taxpayers,’ a high oblique tax official stated on Tuesday.
The GST Community is engaged on introducing a brand new register for addressing the RCM challenges by making a ledger that displays all reverse expenses liable to be paid, with a performance to disallow taking ITC past what’s obtainable to taxpayers, Shashank Priya stated.
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KAMAL NARANG
GST officers issued a little bit below 1.13 lakh show-cause notices to tax payers in 2023-24, however classification disputes on tax charges have been behind simply 555 of these notices. “So, policy-level disputes are a lot much less, and it’s extra the disputes which can be referring to how we’re doing our information verification,” stated Particular Secretary and Member (GST) of the Central Board of Oblique Taxes and Customs (CBIC) Shashank Priya.
An evaluation by the CBIC confirmed six of the seven main areas of dispute leading to show- trigger notices pertained to information discrepancies, resembling “quick fee of GST in GSTR 3B when in comparison with GSTR1 legal responsibility, extra availment of enter tax credit score (ITC) in GSTR 3B in comparison with ITC obtainable in GSTR 2A, non-payment of GST on taxable providers below reverse cost mechanism (RCM)”, Mr. Priya stated at Assocham’s nationwide GST convention.
The GST Community is engaged on introducing a brand new register for addressing the RCM challenges by making a ledger that displays all reverse expenses liable to be paid, with a performance to disallow taking ITC past what’s obtainable to taxpayers, the CBIC member knowledgeable.
Printed – September 24, 2024 09:34 pm IST
