Companies pay GST twice as suppliers err in filings
India Business News: MUMBAI: Genuine enterprises suffer even as taxmen bust networks of fake entities and bogus input tax credit (ITC) claims running into hundreds of cror.
Source: indiatimes.com
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GST: As taxman intensifies drive against bogus ITC claims, it's not just fake cos that are suffering
ITC refers to GST credit for tax paid while buying goods or services to be used for business. One example of ITC is the GST paid on raw material. There is a provision to offset the ITC value in the tax liability of the buyer.
Source: indiatimes.com