Businesses Urge FinMin to Resolve GST ITC issues Citing Cashflow Problems and Investment Slowdown

Various business associations and industry bodies have collectively urged the Finance Ministry to urgently address the escalating issues surrounding the blockage of Goods and Services Tax (GST) input tax credit (ITC). These associations have highlighted the severe cash flow problems being experienced by businesses due to prolonged delays in ITC verification processes and instances of what they perceive as arbitrary denials of legitimate ITC claims. They emphasize that these issues are negatively impacting working capital and discouraging new investments across various manufacturing sectors in the Indian economy.