Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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