‘Amendment in input tax credit helped taxpayers’
Panaji: The GST Council’s retrospective amendment allowing taxpayers to claim input tax credit (ITC) on invoices of previous financial years has resolved an anomaly in the input tax credit claims and benefited over 5 lakh vendors including 5,000 taxpayers in Goa, said Sarpreet Singh Gill, commissioner of state GST.
Gill said that collaboration and feedback from the private sector has been instrumental in pushing forward beneficial reforms in the GST regime. He was speaking at the seminar on GST taxation organised by Goa Chamber of Commerce and Industry (GCCI).
Various concerns and challenges faced by the private sector were addressed at the seminar. Gill added that govt remains committed to supporting Goa’s small businesses and taxpayers, who form the backbone of the local economy. He said that govt is willing to hear and address suggestions backed by well-founded reasoning and justifications.
