Eye Share : New ITC Set Off Mechanism with New set of Problems – Section 49A

The Government has amended CGST Act, 2017 vide CGST Amendment Act, 2018 with various changes applicable w.e.f. February 1 and one of the important amendment was insertion of Section 49A stipulating a new mechanism for set off of ITC. As per the amendment, IGST credit should be set off fully before taking setting of CGST or SGST credit. Mr. Mukesh Shah [Partner, NNMS & Co. (Chartered Accountants)] opine that while the rationale behind insertion/introduction of this se...