Bengaluru, Oct. 12 -- : Can a genuine buyer be denied input tax credit (ITC) for a supplier's failure to deposit tax despite having paid the invoice amount and fulfilled all statutory obligations? This contentious question remains unresolved under the GST regime, with the GST Council expected to consider the issue after an officers' committee completes its examination within three months.
Balasubramanian Krishnamurthy, Joint Secretary (TPRU, ST & FATF), Department of Revenue, Ministry of Finance, said the issue concerning Section 16(2)(c) of the GST law had been referred to an officers' committee, which had been asked to arrive at a conclusion within three months.
Speaking at the interactive session "The GST Reset: A Dialogue across Gover...