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Fake ITC Claims

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Fake ITC Claims

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  1. Fake ITC Claims: CGST Departments Has Started Blocking Fake Claims

  2. 1. 8 Measures Suggested Through The Notification to Take Actions Against Fake ITC Claims • The DGGI has suggested all the CGST Zones to make a clear list of fake credit availed GSTN wise. Not only that but they have further requested to block the Income Tax Credit under Rule 86A(1)(a) in their jurisdiction in such cases. • If there are any entities located outside the specific jurisdiction, the CGST Zones are instructed to forward the list of such availed. Alongside this, they have asked to forward their GSTN no to the local office of the Principal ADG or ADG DGGGI. So that the concerned authority can block credit of such GSTN immediately. • All the Principal Chief Commissioner or Chief Commissioner needs to appoint an officer of Dy. Commissioner/A.C., rank as a nodal officer. They were further instructed to appoint a few other officers to the team to intervene in the proceedings of blocking fradulent ITC claims.

  3. 2.Measures Businesses Can Take to Avoid Blocking of ITC • 2.1. Filling Monthly GST return within Due Dates • 2.2. Checking whether you have physical copies of invoices with you or not • 2.3. Reconciling GSTR 2A on a monthly basis • 2.4. Reconciling Eway portal with sales reported in GSTR 1 and GSTR 3B

  4. 3. Conclusion • Though the government is trying to take precautionary actions against the increasing claim of fraudulent ITC, the process still remains a questionable one. As different industry trackers are claiming that offering additional powers to tax officers to block ITC claims may create several problems in the upcoming days.

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