Input tax credit controls: ensure ITC entitlement and reversal procedures align with GST invoicing and records. Review of internal controls for GST compliance concentrates on procurement and vendor controls, receipt and inspection of inward supplies, ... Summary
Input tax credit controls: ensure ITC entitlement and reversal procedures align with GST invoicing and records.
Review of internal controls for GST compliance concentrates on procurement and vendor controls, receipt and inspection of inward supplies, segregation/accounting for rejected goods, issuance of debit/credit notes, and timing/mechanism for availment or reversal of Input Tax Credit. It further covers outward-supply invoicing and pricing controls, reconciliation with GSTR-1, stores and job-work records (including treatment of scrap and delayed returns), capital-goods GST accounting, and reconciliation of financial records with GST returns and electronic ledgers.
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