Part IIIAMENDMENT TO THE ELECTION COMMISSION (CONDITIONS OF SERVICE OF ELECTION COMMISSIONERS AND TRANSACTION OF BUSINESS) ACT, 1991 (From Clause 144 )
Input tax credit timing change: debit note issuance date now, not invoice date, governs credit entitlement. The amendment delinks the timing of debit notes from underlying invoices for purposes of claiming input tax credit, making entitlement depend on the debit ... Summary
Input tax credit timing change: debit note issuance date now, not invoice date, governs credit entitlement.
The amendment delinks the timing of debit notes from underlying invoices for purposes of claiming input tax credit, making entitlement depend on the debit note's issuance date rather than the invoice date and requiring adjusted invoicing and bookkeeping to reflect credit eligibility based on the debit note date.
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