Offsetting GST credits: New mechanism can lead to accumulation of CGST credits

GST is all set to mark 2nd anniversary in four months from now. Described as a ‘good and simple tax’, GST marks a fundamental shift from the way businesses were being done earlier. As the GST journey progressed, there was a growing realisation of its far-reaching impact. Industry faced various challenges, ranging from new and unique concepts, complex documentation, the high tax rates of certain go…