Govt plugs big GST loophole, but small businesses may suffer

The seizure of over Rs 170 crore from a perfume maker in Uttar Pradesh has put a spotlight on  GST  frauds, but come January 1, a big loophole exploited by fraudsters will be plugged.  The government is set to do away with 'provisional  ITC ' measures from January 1 along with a host of tax rate and procedural changes. While the measure to withdraw the leeway of provisional ITC…