Government blocks Rs 40,000 crore GST claims on returns mismatch

Last week, the indirect tax wing of the revenue department blocked the credits within four hours, CBIC chairman John Joseph said at an event on Monday. Companies are entitled to credits on tax paid on inputs in the production chain so that there is no cascading effect of taxes. Instances of a large number of frauds prompted the govt to crack the whip.

from Economy-News-Economic Times https://ift.tt/2RTF1jw