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Since the GST law was introduced in 2017, it has brought the concept of ‘one nation, one tax’ into the economy. The impact has been on all sectors equally by reducing compliance burdens and promoting ease of doing business. The law also tries to provide seamless credit of input tax, but there have been changes for utilisation of Input Tax Credit (ITC) that some businesses find to be an impediment. To judge these limitations, we must first understand the laws of this.
Such a rule can have benefited by providing a cushion to businesses. This has been elaborated below:
Some drawbacks can occur in the following situations:
The deadline for claiming ITC for a particular person may be beneficial in certain cases since it gives a cushion period until which the registered person can claim the input tax credit. However, there may be special cases where the rule can be a deterrent to the utilisation of credit by a business, and businesses will not be able to seek relief from these situations.
The GST law, along with its amendments and timely notifications, aims to give opportunities to businesses for seamless credit utilisation. The lack of aid in these special situations is something that the government can delve into to protect the interests of diligent taxpayers.