Tag: hakim

MUMBAI: Genuine enterprises suffer even as taxmen bust networks of fake entities and bogus input tax credit (ITC) claims running into hundreds of crores of rupees. GST data mismatch between the filings of the buyer and the seller debar the former from claiming ITC. ITC means GST credit for tax paid on purchase of goods or services that will be used for business - say GST paid on raw material. This ITC value can be reduced from the buyer's GST liability.Genuine buyers, due to data mismatch, have to...