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GST Will have Automated Return and Invoice Matching for Transparency and Accuracy: Arun Jaitley
May 09, 2017
In a letter written to a Congress leader, Finance Minister Arun Jaitley said the Goods and Services Tax will use an invoice matching mechanism to check fake bills and frauds. The system was incorporated in the GST regime for the input tax credit claims after much deliberation by the GST council.
Jaitley also wrote that under the GST taxation system, a registered individual would need to file only an initial return on the 10th of the next month, and the returns on invoice matching and input tax credit (ITC) details will be auto-populated by the system itself. This will ensure that ITC is accurately transferred from the source to the destination.
