Reversing input tax credit- buyer not liable for seller’s default

Under the GST regime, tax on value addition is implemented through a seamless process of  Input Tax Credit (ITC) . When a buyer who is registered under the GST Act, purchases goods from a registered seller, the buyer is entitled to have the GST paid by the supplier and charged from the buyer, credited back to the buyer. However, in many instances, the supplier defaults in paying the…