- Union Ministry of Finance increasing efforts to combat fraudulent claims for Input Tax Credit (ITC) under GST system
- New ITC Ledger System expected in November to combat GST fraud in ITC claims
- Mechanism developed with GSTN to prevent fraud related to Reverse Charge Mechanism
- New system will track and verify RCM transactions to prevent improper ITC claims
- Advanced data analytics and AI to be used to detect suspect ITC claim patterns
- Tax experts optimistic about new system but warn of adjustment to new reporting standards
- Implementation of new system expected to promote compliance, eliminate tax evasion, and increase transparency in GST ecosystem
- Businesses urged to ensure ITC claims are supported by accurate and transparent data to prevent compliance difficulties.
Source: studycafe.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
