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auto generated tax credit statements

The auto generated tax credit statements are based on the information supplied by the persons from whom raw materials and services are purchased by a business.

The move, a self-policing feature in the GST system, is rolled out on Saturday by GSTN, the company that processes tax returns, according to an official statement.

Businesses will now get auto-generated statements about the Goods and Services Tax (GST) credit that is due to them from the taxes previously paid on purchases of raw materials and services

The move seeks to make the entire value chain more transparent and accountable with respect to use of tax credits, an area that has historically been prone to tax evasion.

The statement said that the facility of auto-generated tax credit statement has been made available for July on a trial basis.