Quick Summary
SBI Cards and Payment Services Ltd, India's leading pure-play credit card issuer, has received a show cause notice from the CGST Department proposing to disallow input tax credit (ITC) worth Rs 81.93 crore, the company informed stock exchanges on Tuesday. The notice, issued by the Additional Commissioner (East 1), CGST Gurugram, on June 30, pertains to the assessment period from FY 2018-19 to 2020-21 and invokes Section 74(1) of the Central Goods and Services Tax Act, 2017, alongside applicable
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
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
SBI Cards is facing a proposed disallowance of input tax credit (ITC) worth Rs 81.93 crore.
The primary reason is mismatches between GSTR-2A and GSTR-3B filings, amounting to Rs 81.45 crore. An additional amount relates to ITC claimed on supplies from vendors whose GST registrations were cancelled or who failed to file returns.
The show cause notice was issued by the Additional Commissioner (East 1), CGST Gurugram, under the CGST Department.
The notice pertains to the assessment period from FY 2018-19 to 2020-21.
SBI Cards stated that it has availed ITC in compliance with GST law and is confident in the merits of its case, expecting a favourable outcome.
The authorities are seeking recovery of the disputed ITC along with interest and a penalty equal to the ITC amount claimed.
CAclubindia
