Excess input tax credit recovery: recipients must refund excess credit with interest under prescribed assessment procedures. Where an Input Service Distributor distributes credit in contravention of distribution rules resulting in excess credit to recipients, that excess credit ... Summary
Excess input tax credit recovery: recipients must refund excess credit with interest under prescribed assessment procedures.
Where an Input Service Distributor distributes credit in contravention of distribution rules resulting in excess credit to recipients, that excess credit shall be recovered from those recipients with interest, and the statutory assessment and recovery procedures shall apply mutatis mutandis for determining the amount to be recovered.
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