Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

The finance ministry's move to tighten the noose on entities that have been fraudulently taking  input tax credit  under the goods and services tax (GST) system has invited the ire of traders and tax experts. Basically, the Centre has inserted a rule under which businesses with a monthly turnover of over Rs 50 lakh will now have to mandatorily pay at least one per cent of their  GST…