High Court Rules Buyer’s ITC Cannot Be Cancelled Automatically for Supplier’s Default:
Delivering massive relief to micro, small, and medium enterprises (MSMEs) and corporate buyers across the country, the Punjab and Haryana High Court has ruled that the Goods and Services Tax (GST) Department cannot mechanically reverse or disallow a bona fide buyer’s Input Tax Credit (ITC) solely because a supplier defaulted on depositing tax or had … Read more