Imposition of new ITC restrictions every year is diluting ease of doing business

The Goods and Services Tax ( GST ) was introduced in India with much fanfare in July 2017. It was expected that the Input Tax Credit (ITC) mechanism under the legislation would be robust, and credits would be fully fungible resulting in favourable cash flows. However, even after four years of its introduction, the journey of  ITC  has been bumpy and ridden with new restrictions each year…