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, sources said. They said the  Law Committee , comprising tax officers from Centre and states, has opined that where the  ITC  availed in GSTR-3B return e…