Union Budget, 2022 – From seamless flow of Credit to seemingly less flow of credit under GST
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- Last Updated on 24 June, 2022
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Keval Sonecha – [2022] 135 taxmann.com 87 (Article)
The Government through Union Budget, 2022 has introduced one more layer to restrict the Input Tax Credit of buyer due to error of seller. This was contrary to the expectation, as after the saga of litigation under Section 16(2) (c) of CGST Act, 2017, it was expected that the Government will bury the hatchet but instead, the amendment has, perhaps, thrown baby out of the bath water.
Ultimately, Department will issue notices to the taxpayers for payment of differential liability. Hence, tax payers are going to knock the doors of authorities for justice and this will lead to more work pressure. In this article, the author has analysed new restriction laid down by Union Budget, 2022 for availing Input Tax Credit and problems faced by the industry.
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