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of <h1>New Circular: Principals and Auctioneers Must Declare Warehouses for Auctions, Clarifies Input Tax Credit Eligibility.</h1> The Central Board of Excise & Customs issued a circular addressing the maintenance of books of accounts for additional business locations by principals and auctioneers involved in auctioning goods like tea, coffee, and rubber. Principals and auctioneers must declare warehouses as additional business places and maintain accounts there. However, if maintaining accounts at each location is challenging, they can keep them at their principal business location, provided they inform their jurisdictional officer. This circular also clarifies eligibility for input tax credit and applies to goods supplied through auctions where auctioneers claim ITC before the auction.
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