GST@ 8: Input tax credit — industry concerns, blocked credit issues and the road ahead
While digitisation and especially IMS will energise the ITC framework, interpretational issues continue to mar the taxpayers’ experiences, write Dhruva Advisors’ Dinesh Kanabar and Ranjeet Mahtani, in our ‘GST@8’ series marking eight years of GST in India.
Eight years since India embraced the Goods and Services Tax (GST), this watershed reform and tax regime has evolved although, a foundational pillar, viz. input tax credit (ITC) remains one of the most litigated facets of the law. From evolving procedures, legal ambiguities, GSTN system related hurdles, to conceptual imbalances, businesses continue to struggle.
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