Functionality Test Under Siege: Legislative Override of Judicial Interpretation in Safari Retreats
The Goods and Services Tax Act, 2017 (GST) seeks to eliminate the cascading effect of taxes in the previous service taxes regime through the Input Tax Credit (ITC) mechanism. The credit given to the businesses aims to lower the cost of running a business, thereby giving an impetus to the furtherance of business. The credit is utilized by the registered business to pay off the tax liability via electronic credit ledger. There are some prerequisites to avail such ITC enshrined under Section 16...
