Amount of fake ITC under GST increased to 1.5% of total GST collection in 2020-21

The Goods & Services Tax (GST) came into effect from 01 July 2017, with the aim of implementing a simplified, self-regulating, and non-intrusive Indirect tax compliance regime. GST in principle allowed a unified tax system in lieu of the multiple Central & State taxes. It is a comprehensive multi-stage tax system applied to the sale of goods & services. One of the main aims of this tax…