Taxman may get to block doubtful input tax credit

The government is set to amend Section 49 of the Goods and Services  Tax (GST) law that would allow tax officers to block  input tax credit of companies if they suspect fraud, an agenda note for the  GST council meeting circulated to all state finance ministers and senior tax officials indicated. “Fraudulent ITC (input tax credit) availment based on fake invoices has become quite ra…