GST Notice Case study of DRC01 Invalid ITC as the supplier has filed GSTR-01 after the cut-off date

GST Notice Case study of DRC01 Invalid ITC as the supplier has filed GSTR-01 after the cut-off date
Welcome to our channel! In today's video, we delve into a crucial aspect of GST compliance – the DRC-01 notice for invalid Input Tax Credit (ITC) due to a supplier filing GSTR-01 after the cut-off date.

Case Study Overview:
ABC Enterprises, a manufacturing company, received a GST notice (DRC-01) indicating that their claimed ITC was invalid. The reason? Their supplier, XYZ Suppliers, filed their GSTR-01 after the stipulated deadline, causing a mismatch in the returns.

Key Points Covered:

Background of the Case: We explain the scenario in which ABC Enterprises claimed ITC based on invoices from XYZ Suppliers.
GST Regulations: Learn about the specific GST laws and rules, particularly Section 16 of the CGST Act and Rule 36(4) of the CGST Rules, that govern

ITC claims and supplier compliance.
Impact on the Business: Understand the implications for ABC Enterprises, including the reversal of ITC, interest payments, and potential penalties.
Response to the Notice: We walk you through the steps taken by ABC Enterprises to address the notice, including transaction review, supplier communication, and preparing a response to the GST department.
Preventive Measures: Discover the strategies implemented by ABC Enterprises to avoid similar issues in the future, such as supplier compliance monitoring, timely reconciliation, and the use of automation tools.

Topics timing

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Tags:-
#gstnotice
#GST #DRC01 #InputTaxCredit #GSTR01 #GSTCompliance #Taxation #BusinessFinance #CaseStudy
#business
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