Input tax credit reversal required when job-worker fails to return inputs within prescribed period; credit reclaimable upon receipt. The principal must reverse the input tax credit for inputs not returned by the job worker within the specified period and pay interest on the reversed credit, but may reclaim the credit upon receipt of the inputs.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit reversal required when job-worker fails to return inputs within prescribed period; credit reclaimable upon receipt.
The principal must reverse the input tax credit for inputs not returned by the job worker within the specified period and pay interest on the reversed credit, but may reclaim the credit upon receipt of the inputs.
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