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Allow buyers to claim ITC even if supplier defaults in depositing GST- PHD Chamber

  • 29 Jun 2021
  • Garima
  • 375

Ahead of GST Day on July 1, industry body PHD Chamber of Commerce has raised the issue of blocking input tax credit and said the buyer should be allowed to claim credit for taxes paid on inputs, even in cases when the supplier has defaulted in the tax payment.

In its representation to the GST Council Secretariat, the industry chamber will also seek clarity on whether the excess credit would be refunded to dealers for COVID essential items bought prior to June 14."The government is not giving clarity on whether the excess credit would be refunded. A clarification would be required on the issue as whenever there is a reduction in tax rate there would always be this accumulation of input tax credit in the hands of dealers," CA Bimal Jain added.

Source- https://economictimes.indiatimes.com/news/economy/policy/allow-buyers-to-claim-itc-even-if-supplier-defaults-in-depositing-gst-phd-chamber/articleshow/83953493.cms

 

 

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