Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
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 
of 4828 
Join Channel 
