GST law panel clears proposal to shield buyers' input tax credit from supplier defaults - India IPO

T he GST Council’s law committee Friday cleared a proposal aimed at protecting buyers from losing input tax credit (ITC) if suppliers fail to deposit taxes with the government, said people familiar with the deliberations. Under the proposal, a buyer’s ITC would be protected if the supplier has reported the invoice, resulting in its reflection in the buyer’s GSTR-2B, and the buyer is able to establ…