CGST arrests individual in Hyderabad tax fraud case

What happened

Authorities arrested an individual in connection with a Rs 32.28 crore tax credit fraud.
Officials stated that the suppliers involved were bogus entities.

Financial terms from this story, in everyday words.

ITC (Input Tax Credit): a tax benefit that allows businesses to reduce the tax they pay on sales by the tax they already paid on purchases

Original source

NewsData.io

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