Input tax credit procedures clarified: suppliers must furnish outward details and recipients verify before availing credit with prescribed safeguards. Amendments refine definitions, supply classification, registration, return filing and input tax credit procedures. Notably, a new procedural framework requires suppliers to furnish outward supply details on the common portal and obliges recipients to verify or modify those details before availing input tax credit; the law prescribes safeguards, a cap on credit claimable without supplier details, joint liability for supplier and recipient for unreported outward supplies, and an order of utilisation for various tax credits.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit procedures clarified: suppliers must furnish outward details and recipients verify before availing credit with prescribed safeguards.
Amendments refine definitions, supply classification, registration, return filing and input tax credit procedures. Notably, a new procedural framework requires suppliers to furnish outward supply details on the common portal and obliges recipients to verify or modify those details before availing input tax credit; the law prescribes safeguards, a cap on credit claimable without supplier details, joint liability for supplier and recipient for unreported outward supplies, and an order of utilisation for various tax credits.
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