Budget 2020 proposes making fraudulent ITC availment a cognizable/non-bailable offence

Budget 2020 proposes making the offence of fraudulent availment of ITC without an invoice or bill a cognizable and non-bailable offence, further makes liable any person who commits, or causes the commission, or retains the benefit of transactions arising out of specified offences liable for punishment; Imposes liability on beneficiary of the transactions of passing on or availing fraudulent ITC; Prescribes the manner and time limit for taking transitional credit, fu...