https://www.taxtmi.com/article/detailed?id=12551 Authorities publish gross GST receipts without disclosing accumulated Input Tax Credit (ITC) liabilities, which can materially reduce net GST when credits are availed or refunded. Common causes of ITC accumulation include rate structure, exports, large capital expenditure, inventory increases, seasonal industries and long-duration projects. The author reports lack of consolidated national or state-wise ITC liability data and urges routine publication of net GST collection or accumulated ITC to present an accurate fiscal position and acknowledge businesses' contribution to tax receipts. en-us Tue, 23 Apr 2024 11:03:18 +0530 Tue, 23 Apr 2024 11:03:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12551 Authorities publish gross GST receipts without disclosing accumulated Input Tax Credit (ITC) liabilities, which can materially reduce net GST when credits are availed or refunded. Common causes of ITC accumulation include rate structure, exports, large capital expenditure, inventory increases, seasonal industries and long-duration projects. The author reports lack of consolidated national or state-wise ITC liability data and urges routine publication of net GST collection or accumulated ITC to present an accurate fiscal position and acknowledge businesses' contribution to tax receipts. Articles Goods and Services Tax - GST Tue, 23 Apr 2024 11:03:18 +0530 https://www.taxtmi.com/article/detailed?id=12551