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Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

Topics
GST | Nirmala Sitharaman | input tax credit

Indivjal Dhasmana  |  New Delhi 



GST, goods and services tax

The finance ministry's move to tighten the noose on entities that have been fraudulently taking under the goods and services tax (GST) system has invited the ire of traders and tax experts. Basically, the Centre has inserted a rule under which businesses with a monthly turnover of over Rs 50 lakh will now have to mandatorily pay at least one per cent of their liability through cash ledger, starting from this month.

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First Published: Wed, January 06 2021. 16:06 IST

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