Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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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