Introduction
With the introduction and implementation of GST in India, the Nature of Tax filing has changed. ITC has come into existence and plays a crucial role in the whole process. As we know, earlier there was no need for the buyers to get the invoices reconciled with the invoices of the respective vendors. But in the current, changed scenario they have to do the same and at times it becomes very difficult to reconcile the inward supply invoices with the outward supply of their vendor’s invoices especially when the buyer has to purchase goods from different suppliers. When one fails to do so, he must face a loss of the Input Tax Credit (ITC). Thus we see that how important is ITC, for paying off the business Tax liabilities
