Rule 37 A- Still a Chance for the Taxpayers to Pass the Buck ?

“The essence of law lies in the spirit, not its letter, for the letter is significant only as being the external manifestation of the intention that underlies it” – Salmond Over the last five years, the GST law has been amended several times, making the provisions for claiming Input Tax Credit (ITC) more stringent in light of countless debates with respect to ITC and it’s reconciliations, widespread bill trading fraud, etc. Given the provisions of Sec 16(2)(c), Sec 38, Sec 41, and others, it is critical for recipients to analyse vendors and their GST compliances in order to avoid missing any ITC.