GST Credit Utilisation: Partial Input Tax Credit Relief For Businesses

In a partial reprieve for companies and their dealers, especially in the consumer durables and auto sectors, the government eased rules on utilisation of input tax credit under the Goods and Services Tax. The order in which input tax credit could be used to set-off GST liability was changed starting Feb. 1. It was mandated that to set-off GST liability on account of Integrated GST, State GST or Ce…