Input tax credit verification: new procedure requires suppliers and recipients to furnish and validate outward supply details on common portal. A comprehensive amendment package revises definitions and supply classification, modifies registration, cancellation and return provisions, and establishes a new procedural framework (section 43A) requiring suppliers to furnish outward supply details and recipients to verify them for availing input tax credit; it also prescribes joint liability for incorrect furnishing and introduces priority rules for utilisation of input tax credit (sections 49A and 49B).
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Input tax credit verification: new procedure requires suppliers and recipients to furnish and validate outward supply details on common portal.
A comprehensive amendment package revises definitions and supply classification, modifies registration, cancellation and return provisions, and establishes a new procedural framework (section 43A) requiring suppliers to furnish outward supply details and recipients to verify them for availing input tax credit; it also prescribes joint liability for incorrect furnishing and introduces priority rules for utilisation of input tax credit (sections 49A and 49B).
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