Input tax credit verification: new procedures require suppliers and recipients to reconcile returns and bear joint liability. The Ordinance amends definitions and supply classification, expands reverse charge applicability, modifies composition scheme eligibility and registration rules, and revises return timelines. Central to the amendments, Section 43A creates a prescribed procedure for suppliers to furnish outward supply details on a common portal and for recipients to verify, modify or delete such details in their returns; details furnished are deemed tax payable by the supplier, recipients and suppliers are jointly and severally liable for tax or wrongly availed ITC, and prescribed safeguards, thresholds and limited non-recovery are permitted where supplier details are not furnished.
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Input tax credit verification: new procedures require suppliers and recipients to reconcile returns and bear joint liability.
The Ordinance amends definitions and supply classification, expands reverse charge applicability, modifies composition scheme eligibility and registration rules, and revises return timelines. Central to the amendments, Section 43A creates a prescribed procedure for suppliers to furnish outward supply details on a common portal and for recipients to verify, modify or delete such details in their returns; details furnished are deemed tax payable by the supplier, recipients and suppliers are jointly and severally liable for tax or wrongly availed ITC, and prescribed safeguards, thresholds and limited non-recovery are permitted where supplier details are not furnished.
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