Input tax credit adjustment for imported gold dore bar restricts credit and mandates staged reversal and debit upon supply. The amendment revises GST Rules to extend a prescribed period, allow Ministry of External Affairs recommendations as a trigger for a specified form, require electronic declaration of input tax credit eligibility within a prescribed period or extended time notified by the Commissioner, and introduce a new rule prescribing staged retention and reversal of central tax credit arising from additional customs duty on imported gold dore bar, with the balance debited on supply or within a short period where supply already occurred. It also updates payment mechanisms for certain foreign online suppliers and amends registration and FORM TRAN-1 particulars.
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Input tax credit adjustment for imported gold dore bar restricts credit and mandates staged reversal and debit upon supply.
The amendment revises GST Rules to extend a prescribed period, allow Ministry of External Affairs recommendations as a trigger for a specified form, require electronic declaration of input tax credit eligibility within a prescribed period or extended time notified by the Commissioner, and introduce a new rule prescribing staged retention and reversal of central tax credit arising from additional customs duty on imported gold dore bar, with the balance debited on supply or within a short period where supply already occurred. It also updates payment mechanisms for certain foreign online suppliers and amends registration and FORM TRAN-1 particulars.
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