New GST rules on anvil; biz may have to explain discrepancy in ITC claims
The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer. The Committee has suggested that the provision should kick in if the difference is more than 20 per cent and more than Rs 25 lakh. GST Council is likely to take a final call on the recommendation of the Committee in its 50th meeting on July 11.
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