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of <h1>Finance Bill 2020 Amends Section 132 of CGST Act: Fraudulent Input Tax Credit Now Cognizable, Non-Bailable Offense</h1> Clause 125 of the Finance Bill, 2020 proposes amendments to section 132 of the Central Goods and Services Tax Act. It modifies the language to include individuals who commit, cause to commit, or retain benefits from specified offences. The clause revises the definition of offences related to input tax credit, specifying fraudulent claims without invoices or bills. It also removes the phrase 'fraudulently avails input tax credit' from sub-clause (e). The amendment aims to make fraudulent availment of input tax credit without proper documentation a cognizable and non-bailable offence, holding beneficiaries of such transactions accountable.
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