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Apr 21, 2018
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Delinking of provisional credit with tax payment suggested
In the effort to evolve a consensus over provisional input tax credit for the goods and services tax (GST), stakeholders have asked the group of ministers (GoM) on the subject to de-link this from payment. The panel will make a draft of all suggestions and give it to the GST Council, for the ultimate purpose of having a simpler, single form. The Confederation of Indian Industry (CII) has suggested provisional credit be given on the basis of acceptance of invoices by buyers, not linked to payment by suppliers. Saloni Roy, senior director at consultants Deloitte India, said: "The worry in pursuing the matching concept is, where a purchaser has paid his supplier and the supplier has either not reported his supply or deposited tax, the purchaser is penalised with denial of credit."
Source -
http://www.business-standard.com
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