Physical verification of premises to be done before passing of the ITC in case of new GST registrations

Physical verification of premises to be done before passing of the ITC in case of new GST registrations As per the press release of GST Council Meeting, Physical verification of business premises and and Financial KYC of registered person will be done before passing of the ITC in case of new GST registrations. This step is being taken by government in order to curb instances of fake invoicing and fraudelent passing of inout tax credit. As per the release, information will now be recived from Bank as well, to see if some tax liability is not being escaped by the registered person.