Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
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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