Proportionate reversal of input tax credit: suppliers must secure CA/CMA certificates or recipient undertakings as proof of ITC reversal. Suppliers issuing tax credit notes for post-supply discounts may exclude those discounts from taxable value only if recipients have proportionately reversed the attributable input tax credit. Pending a portal verification facility, suppliers must obtain either a CA/CMA certificate (with UDIN) detailing credit notes, related invoices, ITC reversal amounts and the return/form evidencing reversal, or, for discounts below the prescribed monetary threshold in a financial year, an undertaking from the recipient. Such documents are admissible evidence for compliance and must be produced when required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Proportionate reversal of input tax credit: suppliers must secure CA/CMA certificates or recipient undertakings as proof of ITC reversal.
Suppliers issuing tax credit notes for post-supply discounts may exclude those discounts from taxable value only if recipients have proportionately reversed the attributable input tax credit. Pending a portal verification facility, suppliers must obtain either a CA/CMA certificate (with UDIN) detailing credit notes, related invoices, ITC reversal amounts and the return/form evidencing reversal, or, for discounts below the prescribed monetary threshold in a financial year, an undertaking from the recipient. Such documents are admissible evidence for compliance and must be produced when required.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
