Input tax credit reconciliation under GST was tied to supplier returns, prescribed verification rules, and joint liability provisions. Section 43A of the Central Goods and Services Tax Act, 2017 was inserted by amendment but never notified and was later omitted with effect from 01-10-2022. Before omission, it prescribed a mechanism for return filing and input tax credit in which a registered person was to verify, validate, modify or delete supplier details, and the procedure for availing and verifying input tax credit was to be prescribed. It also dealt with deemed tax liability, joint and several liability, recovery, and prescribed safeguards and thresholds.
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Input tax credit reconciliation under GST was tied to supplier returns, prescribed verification rules, and joint liability provisions.
Section 43A of the Central Goods and Services Tax Act, 2017 was inserted by amendment but never notified and was later omitted with effect from 01-10-2022. Before omission, it prescribed a mechanism for return filing and input tax credit in which a registered person was to verify, validate, modify or delete supplier details, and the procedure for availing and verifying input tax credit was to be prescribed. It also dealt with deemed tax liability, joint and several liability, recovery, and prescribed safeguards and thresholds.
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