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Input Tax Credit (ITC) is another critical aspect of GST compliance, enabling businesses to reduce their tax liability by claiming credit on GST paid for purchases. However, businesses must ensure that their suppliers file returns correctly, as ITC is only available if the supplier’s invoices are reported in the GST portal.
Filing taxes accurately is crucial to avoid penalties and maximize savings, yet many individuals and businesses make common mistakes that lead to unnecessary expenses and delays. One of the most frequent errors is incorrect or missing information, such as incorrect PAN details, mismatched income figures, or unreported income sources, which can trigger notices from the tax authorities.
Input Tax Credit (ITC) is another critical aspect of GST compliance, enabling businesses to reduce their tax liability by claiming credit on GST paid for purchases. However, businesses must ensure that their suppliers file returns correctly, as ITC is only available if the supplier’s invoices are reported in the GST portal.