Tax Marvel

ITC Management Services and Vendor Management Services

Our Services

Management of Input Tax Credit from its eligibility perspective and tracking corresponding supplier compliance. We provide for assistance in preparation of report of matched and mismatched invoices.

Scope covered in the services

  • Reconciliation of ITC availed Electronic Credit Ledger Vs. ITC auto populated in GSTR-2A/2B
  • ITC availed for import of goods Vs. those invoices population in GSTR 2A/2B
  • Analysis of eligible & in-eligible ITC as per law and those appearing in the books of accounts
  • Analysis of reverse charge mechanism (RCM) transactions
  • Assistance in computation of ITC reversal as per GST law
  • Tracking supplier’s Non-Compliance status and ITC at risk
  • Analysis on distribution of common credit to branches through cross charge / ISD mode

Benefits of ITC management and Vendor Management Services:

  • Reconcile the ITC claimed as per GSTR 3B Vs. auto populated in GSTR 2A/ 2B
  • Ascertain the status of GSTR 1 data reported by Suppliers
  • Get clarity on eligible and ineligible Input credits
  • Rate vendors based on their GST Compliance
  • Follow up with vendors for mismatches in details in books of accounts Vs. those uploaded by Suppliers
  • Pass reversal entries on time to avoid interest payments