Quick Summary
The Union Ministry of Finance is advancing efforts to curb fraudulent Input Tax Credit (ITC) claims related to the Goods and Services Tax (GST) paid under the Reverse Charge Mechanism (RCM). A senior official has revealed that the Central Board of Indirect Taxes and Customs (CBIC) is collaborating w
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)
3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The new ITC ledger system is designed to curb fraudulent Input Tax Credit (ITC) claims related to Goods and Services Tax (GST) paid under the Reverse Charge Mechanism (RCM).
The new ITC ledger system is expected to be launched by November.
The Central Board of Indirect Taxes and Customs (CBIC) is collaborating with the Goods and Services Tax Network (GSTN) to develop the system.
The system will target fraudulent practices where businesses claim ITC without properly paying GST under RCM or inflate their claims.
The Ministry of Finance aims to mitigate risks by leveraging advanced data analytics and artificial intelligence (AI) to identify suspicious patterns in tax credit claims.
In FY24, the detection of fraudulent ITC claims surged by 50% to over INR 36,000 crore.
CAclubindia
