Areas Where Excess Credit May Be Taken And Special Audit Of That Area S
Hence if proper officer wants to direct special audit to examine proper claim of credit he has to form opinion that the credit availed is not with in normal limits. The following areas of excessive input tax credit in general, industry specific and transitional credit can be identified triggering the special audit by Chartered Accountant or Cost and Works Accountant. Areas where excess credit may be taken and special audit of that area’s 1 ITC being claimed for the period prior to application/grant of registration in case of compulsory / voluntary registration (in respect of purchases not being represented by inputs available on the effective date of registration) [[S....