GST Input Tax Credit Changes Cut Both Ways

Changes proposed to input tax credit provision in the GST law are good in intent but may be harsh for recipients, said experts regarding the Finance Bill 2022. Businesses pay a tax on inputs. And they get credit for it to be deducted from the tax on the output. That's aimed at avoiding double taxation and ensuring that the tax is paid only on the value added. The ITC regime in India has seen sever…