Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness.
The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
