Claiming GST credit with the help of FCM

CASE STUDY

Claiming GST credit with the help of FCM

gst case study

Background

FCM came on board with a leading company which specialises in offering engineering, procurement and construction services of various chemical and renewable energy plants as well as process and utility facilities. 

Challenge

FCM faced the following changes while working with the company:

  • The company’s travel business comprises of 60:40 International to Domestic ratio. Most of their employees travel through business class which is responsible in their transaction value being high.
  • Another issues that they faced was that the company was not yet claiming GST on their air tickets since being implemented in 2017.

Strategy

In September 2019 the client and FCM entered into a discussion which led to FCM taking the following steps:

  • FCM provided the necessary support required to claim GST on their air travel.
  • FCM agreed to help and shared all supporting airline invoices & excel statements with details along with SGST, CGST and IGST break up for the period Apr-Nov’19. 

Results

Following the process that FCM put in place and support provided, the company recorded the exception result:

  • The organisation was able to claim INR 3,500,000 GST credit
  • They decided that GST claiming will be carried out on a monthly basis by FCM.

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