Introduction
The Input Tax Credit (ITC) has been the most
vexed issue under the GST law, with debates on issues of cascading
not properly addressed in the present scheme of law. The provisions
relating to ITC have already witnessed multiple amendments,
including retrospective modifications.
This trend seems to have been continued in Union Budget 2023-24
proposals.
ITC & return filing by vendors
Proposals have been made to allow taxpayers to file GSTR1 &
3B returns latest within three years from the original due date.
This aspect bears relevance to the extent that the ITC eligibility
on procurement is qualified by (a) requirement of vendor reporting
transactions in its GSTR1 returns; as well as (b) tax payment on
same.
