Eye Share: ITC Reversal – Bearing the Brunt During COVID-19 Crisis

Ever since transitioning to the new indirect tax regime in July 2017, the GST Council has been endeavouring to remove various roadblocks and allay the apprehensions of trade and industry, while seeking to strike a balance with revenue augmentation measures. To combat the economic crisis that has arisen due to the pandemic, the Government, to keep the domestic economy afloat has taken measures such as relaxation of statutory compliances and restrictions under GST and ITC avail...