Branch² Intelligence
GST law panel clears proposal to shield buyers' input tax credit from supplier defaults
Key takeaway
GST Council approves proposal to protect buyer's input tax credit from supplier defaults.
- Step 1GST Council approves ITC protection for buyers on supplier default.
- Step 2SMEs' working capital improves as ITC claims become more certain, reducing the need for bridging finance.
- Step 3Lower compliance burden and litigation risk for SMEs, encouraging formalization and better invoice discipline.
Source: Economic Times — Economy
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