Eye Share: Restriction on Buyer’s ITC for Seller’s Default – Is Government Fighting a Losing Battle?

The issue of bogus claims of credit is a ghost from the past and is bothering the Government even under the present tax regime leading to the introduction of stricter provisions under GST Act. It is further provided in this Budget that the Income Tax Department will investigate the cases of fake ITC, fraudulent refunds, thus, the effort to tighten revenue leakage from all angles is being explored.Ms. Priyanka Rathi and Ms. Ashwini Chandrasekaran (Advocates, Sup...