Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
A government GST circular clarified that financial/commercial credit notes issued without GST do not require recipients to reverse input tax credit (ITC), but distributors face blocked ITC and cash-flow stress with no current refund mechanism. Experts say a proposed amendment to the CGST Act (Section 15) would allow suppliers to issue GST credit adjustments without invoice linkage, reducing recipient ITC accumulation once notified, though relief may take about a year. The circular also treats trade discounts as non-taxable when manufacturers support dealer pricing but taxable if prices are directly promised to consumers. An industry association has sought urgent guidance on ITC treatment after recent rate cuts and flagged product-specific anomalies.
A government GST circular clarified that financial/commercial credit notes issued without GST do not require recipients to reverse input tax credit (ITC), but distributors face blocked ITC and cash-flow stress with no current refund mechanism. Experts say a proposed amendment to the CGST Act (Section 15) would allow suppliers to issue GST credit adjustments without invoice linkage, reducing recipient ITC accumulation once notified, though relief may take about a year. The circular also treats trade discounts as non-taxable when manufacturers support dealer pricing but taxable if prices are directly promised to consumers. An industry association has sought urgent guidance on ITC treatment after recent rate cuts and flagged product-specific anomalies.
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