Rising cost of compliance

In December 2022, Muzaffarnagar-based entrepreneur Neeraj Kedia, managing director of zinc sulphate manufacturing firm Chakradhar Chemicals, received an unexpected notice from the Goods and Services Tax (GST) department, raising a tax demand of around Rs 95 lakh and interest of Rs 1.15 crore for the period from July 2017 to March 2018. It stated that the Input Tax Credit (ITC), which allows busine…