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GST Tip 463

GST Tip – 463 : What we can understand is that hardly 50% of the taxpayers have filed GSTR -1 and if enforcement is undertaken immediately it means that about 50% of the taxpayers will receive notices and at the same time many of the taxpayers have to reverse the ITC with interest if matching is also done. This would mean more revenue to the central and state governments. Keeping this aside based on the current provisions what is the eligible ITC to be shown in the financial statements for the year ending 31st March 2018? Will all this information has to be reported in GST Audit Report? Will it be part of my GST Annual Return?