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›GST›Unlocking GST credits lying unutilised can release working capital to industry and give boost to economy
Unlocking GST credits lying unutilised can release working capital to industry and give boost to economy
Synopsis
The government can strengthen the existing recovery provisions under the GST law, which empowers it to recover any input GST credit that has been wrongly availed and transferred by the transfer or along with interest.
By Mahesh JaisingWhile GST has heralded a new regime of indirect taxation, it has also manifested the new system with inherent challenges, one of them being accumulation of input GST credit in the books of businesses, across sectors. The reasons can be varied and many; new projects, expansions, long gestation projects, pricing pressures, low net margins, slow moving inventory, restriction of GST refunds on input services (even where there is an
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