Finance Ministry to block ITC for entities caught using fake invoices

In an effort to plug revenue leaks, the Central Goods & Services Tax (CGST) administration has started blocking input tax credit (ITC) for assessees who availed credit against fake invoices, or against invoices without the receipt of goods or services, or both. The move comes at a time when the Revenue Department has increased the collection target for January and February by ₹5,000 crore each…