Last chance to claim GST Credits for previous fiscal: All you need to do within this month

The credit of  GST paid on expenses against the GST collected on revenue is the heart of a ‘value added’ tax system. Thus, GST credits are no lesser than cash when it comes to GST payment. During any audit or inspection, tax authorities would go through the credits to ascertain if ‘ineligible’ credits are claimed resulting into short payment of tax. The credit is allowed subject to certain co…