Input tax credit procedure updated; supplier portal reporting and recipient verification create joint liability and utilisation order. The Act amends definitions, registration thresholds and composition conditions; mandates separate SEZ registrations; introduces suspension during cancellation proceedings; revises return periodicity and requires supplier submission and recipient verification of outward supplies via a common portal; establishes procedures and limits for availing input tax credit where supplier details are absent, jointly and severally fixes liability of supplier and recipient for tax or wrongly availed credit, and prescribes order of utilisation of input tax credit across tax components, along with assorted clarifications to Schedules and procedural safeguards.
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Input tax credit procedure updated; supplier portal reporting and recipient verification create joint liability and utilisation order.
The Act amends definitions, registration thresholds and composition conditions; mandates separate SEZ registrations; introduces suspension during cancellation proceedings; revises return periodicity and requires supplier submission and recipient verification of outward supplies via a common portal; establishes procedures and limits for availing input tax credit where supplier details are absent, jointly and severally fixes liability of supplier and recipient for tax or wrongly availed credit, and prescribes order of utilisation of input tax credit across tax components, along with assorted clarifications to Schedules and procedural safeguards.
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