Tax officials may examine high usage of ITC

According to sources, availing ITC ideally should not result in loss of revenue but there could be possibility of misuse of the provision by unscrupulous businesses by generating fake invoices just to claim tax credit. During the meeting of the GoM, it was pointed out that as much as 80% of the total GST liability is being settled by ITC and only 20% is deposited as cash.

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