Tax officials may examine high usage of ITC to set off GST liability

Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of input tax credit(ITC) to set off tax liability by businesses, sources said. The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look into the reasons for revenue shortfall being faced by a large number of states. Accordin…