The Supreme Court has given an important decision in the matter related to the claim of tax credit. With this decision, the stuck money of hundreds of businesses will get back. Experts say that this decision is a milestone.
New Delhi. The Supreme Court has given big relief to businesses in the case of GST. The top court on Friday directed the Goods and Services Tax Network (GSTN) portal to be kept open for two months from September 1, for businesses to claim tax credit. After this new indirect tax regime that came in July 2017, many such cases are pending. Experts have called this decision a landmark.
The apex court’s decision will bring relief to many businesses who were fighting litigation against the government over tax credits in the earlier regime of excise and service tax, which they could not avail after the changes in GST. In this way, the matter of all the businesses getting tax credit is stuck.
Get stuck money
Experts said the court has directed the government to allow filling of the relevant forms for a period of two months from September 1. According to Abhishek Jain, KPMG’s tax partner in India in a Live Mint article, the decision comes in the light of an ongoing controversy in which several taxpayers protested that these forms could not be filed on time due to technical glitches. Therefore, they cannot be denied the right to get the return of credit.
A golden opportunity for business
Jain said that this is a golden opportunity for all those businesses whose GST returns are stuck. Whether he is a party to the writ petition or not. In the light of this Supreme Court ruling, all businesses should look at any pre-GST credit where their money is stuck. The Finance Ministry has not yet given any reply to the query asked by the media in this matter through e-mail. However, hundreds of businesses are likely to benefit from this decision of the court.
