We are pleased to announce the publication of an insightful article in Dainik Vishwamitra, dated June 19, 2024, that addresses a crucial aspect of GST compliance: the reversal of Input Tax Credit (ITC) when suppliers fail to remit taxes to the government. This article offers an in-depth exploration of the legal safeguards available to businesses and provides strategic defence avenues for challenging the reversal of ITC, particularly in cases where suppliers have defaulted on their tax obligations between July 1, 2017, and September 30, 2022.
Drawing on landmark court judgments, the article meticulously outlines the rights of buyers under GST law, highlighting key legal precedents that strengthen the position of recipients in defending against ITC reversal. It presents a detailed analysis of the grounds on which ITC can be contested, offering businesses valuable tools to navigate potential disputes with tax authorities.
This article is essential reading for business owners, tax professionals, and anyone looking to understand the nuances of GST law. It not only clarifies the complex issue of ITC reversal but also empowers readers to safeguard their interests in the ever-evolving landscape of GST compliance.
Be sure to read the full article for a comprehensive understanding of how to protect your right to claim ITC, even in cases where the supplier has defaulted on tax payments.
