Input Tax Credit Upon Business Closure: Analysis Of Legal Maxims And Provisions Under The Cgst Act, 2017
IJLLR Journal
Karuna T & G. Uma Maheshwari, School of Law, VISTAS University. ABSTRACT The Goods and Services Tax regime, introduced in India on 1 July 2017, was intended to consolidate the country's fragmented indirect tax architecture into a single, destination-based system predicated upon a seamless chain of Input Tax Credit. The mechanism of Input Tax Credit operates by crediting the tax paid on inward supplies to a registered person's electronic ledger, from which it may be applied against the output