https://www.taxtmi.com/article/detailed?id=9719 The article argues that Input Tax Credit (ITC) should be claimable on the basis of a taxpayer's books of account, which are supported by internal documentary controls evidencing receipt and availing of supplies. Reconciliation with supplier-return reports should be a verification exercise only and not a precondition for entitlement. The author criticises provisions that condition ITC on supplier filings or system summaries as shifting revenue administration burdens to recipients and harming working capital, and urges legislative amendment to protect compliant taxpayers. en-us Tue, 23 Mar 2021 08:39:33 +0530 Tue, 23 Mar 2021 08:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9719 The article argues that Input Tax Credit (ITC) should be claimable on the basis of a taxpayer's books of account, which are supported by internal documentary controls evidencing receipt and availing of supplies. Reconciliation with supplier-return reports should be a verification exercise only and not a precondition for entitlement. The author criticises provisions that condition ITC on supplier filings or system summaries as shifting revenue administration burdens to recipients and harming working capital, and urges legislative amendment to protect compliant taxpayers. Articles Goods and Services Tax - GST Tue, 23 Mar 2021 08:39:33 +0530 https://www.taxtmi.com/article/detailed?id=9719