GST in Budget: FM’s speech, proposed amendments and missed opportunities

The manner in which the law is developing, the CGST/IGST Acts might as well be renamed ‘The Input Tax Credit Act’. One has lost track of how many amendments have been made to the sections and rules on input tax credit (ITC) since the introduction of GST. When introduced, there was talk of “seamless” flow of input tax credit in GST. This has now changed to “less” flow of input tax credit, courtesy…