India, Sept. 16 -- Recently announced large-scale reduction/abolition in GST rates on certain commodities is likely to result in revenue-decrease through GST, which can be more than compensated by plugging loopholes through claims lodged through Input-Tax-Credit (ITC).
Input-Tax-Credit system in GST-system in manufacturing-sector is biggest corrupt practice of tax-evasion where left-out GST-invoices by ordinary customers are sold by traders to consuming manufacturers or producers to avail false Input-Tax-Credit where cash is paid back by traders to those purchasing left-out GST-invoices by actual consumers bringing more currency in circulation, This is the main reason of basic motive of currency-demonetisation on 08.11.2026 being failed wh...