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Date: 01/10/2024

CBIC could introduce ITC ledger to check excess GST credit

The Central Board of Indirect Taxes and Customs (CBIC) is likely to introduce a mechanism to track reverse charge liability of businesses under the Goods and Services Tax (GST) framework to improve compliance and ensure that they do not avail of excess Input Tax Credit (ITC). The CBIC and the Goods and Services Tax Network (GSTN) are working on creating an ITC ledger to track the quantum of ITC availed by businesses accurately. The ledger is expected to be operational by the GSTN in October or November. This approach helps extend GST coverage to various unorganised sectors (which act as suppliers) and ensures the taxation of imported services when suppliers are located outside India. After paying the tax and issuing an invoice, the recipient is eligible to claim an ITC, as per a report.
 
Source: Exim News Service: New Delhi, Sept. 30 



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