 "Cabinet Secretary T V Somanathan")
In an inter-ministerial meeting chaired by Cabinet Secretary T V Somanathan ahead of the implementation of goods and services tax (GST) reforms on September 22, senior officials from various departments on Monday proposed allowing unutilised input tax credit (ITC) to be used for paying state GST (SGST), offsetting Customs duty, or converting it into tradable scrips, as possible solutions to address transition issues.
The meeting came at a time when many sectors have raised concerns over compensation cess, accumulated input tax credit, and an inverted duty structure.
Following the recent GST rate rationalisation exercise, many products, including fast-moving consumer goods
