Verification of mismatched ITC – Whether a stitch in time?
Squinting through the ocean of notices demanding ITC due to differences between GSTR-3B and GSTR-2A, taxpayers looked for a stitch in time to save their nine for a very long time. The pandora of rulings and clarifications have proved insufficient in creating enough room to swing the moot objective of seamless flow of ITC. Whilst numerous conditions for availing ITC already created consistent hardships for taxpayers, recent CBIC Circular on clarifying the manner to deal with ITC differences between GSTR-2A and GSTR-3B added another feather to the cap of disappointments.
In this Article, our Partner, Mr. Dharnendra Kumar Rana, Managing Associate Ms. Neha Jain and Executive, Ms. Hetika Goyal have analysed the Circular and shared their thoughts on various disputes emerging from such perplexed clarification.
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NITYA I Article 112 I Verification of mismatched ITC under GST – Whether a stitch in time