- GST officers busted 48 fake firms availing fraudulent ITC of over ₹199 crore
- Operation Clean Sweep was initiated by the Central Goods and Services Tax (CGST), Delhi East Commissionerate
- GST is a unified tax on the supply of goods and services throughout the supply chain
- It involves the subsuming of central and state taxes, and has a dual monitoring system by the center and states
- Benefits of GST include easy compliance, creation of a unified market, and increased transparency in the taxation regime
- Concerns exist over the potential misuse of Input Tax Credit (ITC) due to the lack of real-time matching of ITC claims with taxes paid by suppliers
Source: optimizeias.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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