Unlocking Confidence in GST: Why Every Business Needs a Vendor Loyalty Check Report (VLCR)

Understanding ITC and Vendor Dependence:

GST credit is the backbone of ITC under the GST system. It can enable businesses to credit the GST amount vide on the inputs made purchased for fulfilling one’s own output. This helps reduce your overall tax payments to the government efficiently within the given period. But, claiming ITC requires your vendors to meet GST obligations most of the time.

The Domino Effect of Vendor Non-Compliance:

To claim ITC, your vendor must be GST registered, provide a valid invoice, supply goods/services, pay GST, and file returns on time. Any lapse in these requirements by your vendor can create a domino effect:

The Cost of Vendor Lapses Goes Beyond Money:

The consequences of vendor non-compliance are not merely the fines and penalties that have been discussed. Handling GST and potential audits can be stressful, diverting resources from your business.

Taking Control: Preventive Strategies to Mitigate Risk of Fraud in ITC Claims:

Fortunately, this is not the end of the world; you do not have to wait and be a helpless spectator to this situation.

Here’s what you can do to safeguard your business:

Introducing BMA VLCR: Your Complete Resource for vendor loyalty and secure ITC claims

Book My Accountant (BMA) provides a very useful tool which is known as the Vendor Loyalty Check Report (VLCR). This comprehensive report enables you to evaluate your vendors’ GST compliance and protect your ITC claiming rights.

The Benefits of Partnering with BMA VLCR

In conclusion, vendor non-compliance with GST is a stealthy danger that can hit your business’s financials and productivity hard. Henceforth, through proper selection of the vendors, invoice analysis, and using tools like BMA VLCR report, you can protect your ITC claims and be calm.

Call Book My Accountant today to find out more about BMA VLCR and how our team can assist you to deal with the issues of GST compliance without any problems.