Section 49 - allow tax officers to block input tax credit
- Iopepc India
- Dec 19, 2019
- 1 min read
The administration is set to change Section 49 of the GST law that would permit charge officials to square information charge credit of organizations in the event that they speculate extortion, a plan note for the GST gathering meeting flowed to all state fund priests and senior expense authorities showed.
"Deceitful ITC (input charge credit) availment dependent on counterfeit solicitations has gotten very uncontrolled. As examinations get started, if the use of such speculated credit proceeds, the investigate
"Giving subjective and liberated forces to officials to dismiss or retain input credit claims dependent on impulses and likes will prompt badgering and inevitably sway the as of now damaged economy. There is an issue in the law which should be changed, however to propose to revise an area without really turning out with guidelines on the best way to decide if the information charge credit is really phony, will just add to the current issues," said Sujay Kantawala, high court advocate who too
Source - The Economic Times

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