Input tax credit recovery: excess credits distributed must be recovered from recipients with interest and applicable assessment provisions. Where an Input Service Distributor distributes input tax credit in contravention of the distribution rules, any excess credit distributed shall be ... Summary
Input tax credit recovery: excess credits distributed must be recovered from recipients with interest and applicable assessment provisions.
Where an Input Service Distributor distributes input tax credit in contravention of the distribution rules, any excess credit distributed shall be recovered from the recipients along with interest, applying the statutory assessment and determination procedures mutatis mutandis to compute the amount recoverable.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.