Double whammy for SMEs; new rules for ITC refund may aggravate the cash flow problem

GST Return: The Union government’s new circular to restrict the reimbursement of input tax credit to 20% of the total amount claimed in GSTR 3B return will aggravate the problem of SMEs that have already been grappling the issue of delayed payments. This 20% limit will apply in the case of those buyers whose suppliers have not uploaded the correct invoice details in the GSTR-1 form uploaded on the…