PAC flags ITC discrepancies amounting to Rs 16,622 crore in FY21

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PAC flags ITC discrepancies amounting to Rs 16,622 crore in FY21 - Business Standard

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The PAC said the inconsistencies highlight serious inefficiencies in the GST system’s data validation and reconciliation processes, as GSTR-9 is auto-populated from GSTR-3B.

The committee’s nineteenth report on the Central Board of Indirect Taxes and Customs (CBIC)’s compliance audit reveals that over 33,381 GST returns between 2017 and 2021 had inconsistencies, with a Rs 16,622 crore gap in ITC claims in FY21 alone.