Too much pressure on Taxpayers for ITC mismatch ?

A question raised by Members of Parliament to Ministry of Finance, on which Ministry replied on Monday, 20th March.

QUESTION

Will the Minister of FINANCE be pleased to state:-

(e) whether sustained pressure is being allegedly created on the taxpayers by giving online ITC mismatch information and if so, the details thereof and the reaction of the Government thereto; and

(f) the reasons for not giving ITC on the basis of the ledger accounts and bills and the steps taken by the Government to rectify aforesaid petty omissions and errors?

ANSWER

THE MINISTER OF STATE FOR FINANCE in response to above questions replied on Monday, 20th March - 

That as per provisions of the CGST Act, 2017, a registered person can avail ITC not simply on the basis of ledger accounts or bills but also subject to the conditions and restrictions as specified in section 16 and section 17 of CGST Act, 2017, read with Rules made thereunder, inter alia, including the furnishing of details of the invoice or debit note by the concerned supplier in the statement of outward supplies and communication of such details to the recipient..... Read more

ANOTHER QUESION RAISED WAS - 

(b) whether it is a fact that if any businessmen has filed return on the basis of their accounts and bills due to some personal or monetary reasons but their ITC are being freezed/not considered?

(c) whether the actual ITC of these businessman are being invalidated reportedly due to some error in the laws despite the fact that they are fulfilling their duties of filing return with late fee?

ANSWER

:

Input Tax Credit

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