Background 1. Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice. The part blame lies on the cumbersome nature of the compliance and the part blame lies on the manner in which the concerned provisions have been worded leading to several ambiguities. Recently the provisions contained in Rule 37 (which deals with the manner for effectuating the reversal and re-availment) have been substantially amended and have been brought into effect from 01.10.2022. In the present article, we seek to analyze the given provisions as well as the issues emanating therefrom.
Source Taxguru
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