Input tax credit verification requirement introduced, making suppliers' outward details determinative for recipients' credit entitlement under new procedure. The Ordinance amends the Punjab GST Act to revise definitions, supply classification and composition rules, expand reverse charge notification powers, require separate SEZ registration, permit suspension during cancellation proceedings, and modify return and filing requirements. It inserts Section 43A establishing procedures for suppliers to furnish outward-supply details on a common portal and for recipients to verify those details; makes supplier-filed details deemed tax declared, allows limited ITC where supplier details are missing, and creates joint and several liability for tax or wrongly availed credit subject to prescribed recovery safeguards.
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Input tax credit verification requirement introduced, making suppliers' outward details determinative for recipients' credit entitlement under new procedure.
The Ordinance amends the Punjab GST Act to revise definitions, supply classification and composition rules, expand reverse charge notification powers, require separate SEZ registration, permit suspension during cancellation proceedings, and modify return and filing requirements. It inserts Section 43A establishing procedures for suppliers to furnish outward-supply details on a common portal and for recipients to verify those details; makes supplier-filed details deemed tax declared, allows limited ITC where supplier details are missing, and creates joint and several liability for tax or wrongly availed credit subject to prescribed recovery safeguards.
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