Excess input tax credit recovery requires reclaim from recipients with interest, applying assessment provisions mutatis mutandis. Where an Input Service Distributor distributes credit in contravention of distribution rules resulting in excess distribution to one or more recipients, ... Summary
Excess input tax credit recovery requires reclaim from recipients with interest, applying assessment provisions mutatis mutandis.
Where an Input Service Distributor distributes credit in contravention of distribution rules resulting in excess distribution to one or more recipients, the excess credit shall be recovered from such recipients along with interest, and the provisions for determination of amounts to be recovered under the assessment and recovery framework shall apply mutatis mutandis.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
