Alerts & Updates 23rd Feb 2023
Recently, the Hon’ble Finance Minister of India presented the Union Budget 2023-2024 wherein various amendments were proposed under GST. Amongst several other amendments, the third proviso to Section 16(2) has been proposed to be amended to state that the recipient shall be entitled to avail ITC on payment made by him ‘to the supplier’ towards the value of supply along with tax payable thereon.
Against this background, Economic Laws Practice (ELP)’s Partner Vivek Baj and Senior Associate Sai Prasanna Dash have co-authored an article titled Payment to Supplier for ITC Availment – An Additional Imposition? published by Taxsutra where they have analyzed the proposed amendment and have discussed whether ITC can be denied to a recipient when payment is made to a person other than the supplier.
Read the detailed article here: Click here
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