FinMin notifies norm limiting ITC to 10% in case of GST details mismatch

Tax authority given the right to restrict the use of balance in electronic credit ledger  In an effort to curb the menace of fake invoices and tax evasion, the Finance Ministry has notified a new norm of limiting the input tax credit to 10 per cent in case of GST details mismatch Experts feel that this will force businesses to restrict themselves to matched details and ignore the mismatched o…