Fixing input tax credit: Get ready for new GST return filing system in 2019

One of the fundamental principles of  goods and services tax  (GST) was the concept of ‘self-policing’, wherein the matching concept for claiming  input tax credit  was introduced. The matching concept effectively allows a buyer to claim  input tax credit  only when his vendor is compliant in terms of filing  GST  returns and paying taxes to the government.…