Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Input tax credit proportionate to consideration unpaid beyond 180 days must be added to output tax liability, and interest runs from availment until a financial or commercial credit note is received and recorded. A supplier's full waiver through such a credit note leaves no unpaid supply value and permits retention of original-invoice credit because the note does not reduce transaction value or invoice tax; beneficial Board clarifications bind departmental officers. Recorded unpaid balances and a bona fide view, later supported by clarification, do not establish fraud, wilful misstatement, or suppression merely because audit detected the issue. The GST demand for credit and penalty fail, while interest for the intervening period remains payable.
Input tax credit proportionate to consideration unpaid beyond 180 days must be added to output tax liability, and interest runs from availment until a financial or commercial credit note is received and recorded. A supplier's full waiver through such a credit note leaves no unpaid supply value and permits retention of original-invoice credit because the note does not reduce transaction value or invoice tax; beneficial Board clarifications bind departmental officers. Recorded unpaid balances and a bona fide view, later supported by clarification, do not establish fraud, wilful misstatement, or suppression merely because audit detected the issue. The GST demand for credit and penalty fail, while interest for the intervening period remains payable.
Note: It is a system-generated summary and is for quick reference only.