GST Council takes note of gaps in IGST payment & ITC
Published: Mar 10, 2018
By TIOL News Service
NEW DELHI, MAR 10, 2018: IN its 26th meeting held here today, the GST Council was apprised of the fact that CBEC and GSTN have started detailed data analytics across a number of data sets available with them. Thereby, the outcome of preliminary data analysis has revealed interesting insights.
It has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B. Further, there are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B. Thereby, it was deliberated that this information may be further analysed and adequate action may be initiated accordingly.