GST Return Filing: Companies Staring At Huge Loss Of Tax Credit

Reconciliation of what a buyer bought and a seller sold was supposed to be the bedrock of availing input tax credit under the Goods and Services Tax. The absence of a mechanism that would’ve enabled taxpayers to reconcile invoices may now lead to the loss of significant amount of tax credit, experts told BloombergQuint. Input tax credit means that a supplier can reduce the tax paid on inputs from…