Input Tax Credit: New GST refund rules create confusion as deadline to file first returns comes close

New GST Input Tax Credit Rules: Millions of GST payers are eagerly awaiting clarity over the new rules notified early this month that restricted the refund of input tax credit to 20% of the total claimed amount. The GST registered businesses will begin uploading their returns from next week and it will be the first occasion when they will file their returns under the new rules governing the refund…