Tax rate caps and credit-note treatment revised, limiting input tax credit adjustments and updating specified commodity rates. Amendments revise the tax-rate clause to require Fourth Schedule goods to bear rates higher than the concessional rate but not exceeding thirty paise in the rupee, replace the Fourth Schedule with a new list of specified commodities taxed at twenty paise in the rupee, and clarify treatment of post-sale credit notes: such credit notes for discounts or incentives are independent of tax and do not require output tax or input tax credit adjustments, with corresponding changes to sections governing credit/debit notes, returns of goods, timelines, registration penalties, and invoice compliance.
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Provisions expressly mentioned in the judgment/order text.
Tax rate caps and credit-note treatment revised, limiting input tax credit adjustments and updating specified commodity rates.
Amendments revise the tax-rate clause to require Fourth Schedule goods to bear rates higher than the concessional rate but not exceeding thirty paise in the rupee, replace the Fourth Schedule with a new list of specified commodities taxed at twenty paise in the rupee, and clarify treatment of post-sale credit notes: such credit notes for discounts or incentives are independent of tax and do not require output tax or input tax credit adjustments, with corresponding changes to sections governing credit/debit notes, returns of goods, timelines, registration penalties, and invoice compliance.
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