GST Input Tax Credit: Honest Taxpayers May Be Spared Brunt Of New Rule

New sets of amendments and additions have recently been introduced in existing Goods and Services Tax provisions via the Fourteenth GST Amendment Rules, 2020. This article focuses on one such crucial rule inserted relating to input tax credit with effect from Jan. 1, 2021. A new rule 86B has been inserted, requiring a certain unique segment of taxpayers to compulsorily discharge at least 1% of the…