Input tax credit reversal required where recipient fails to pay supplier; credit re availment permitted on subsequent payment. The amendments add non furnishing of returns as grounds for registration action, remove reliance on the inward supply return, require reversal of input tax credit and interest where recipients do not pay suppliers within the prescribed time, permit re availment of credit upon subsequent payment, omit several forms and rules tied to the prior reconciliation process, and modify refund and automated communication language to align adjustments and reversals with the consolidated monthly return framework.
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Input tax credit reversal required where recipient fails to pay supplier; credit re availment permitted on subsequent payment.
The amendments add non furnishing of returns as grounds for registration action, remove reliance on the inward supply return, require reversal of input tax credit and interest where recipients do not pay suppliers within the prescribed time, permit re availment of credit upon subsequent payment, omit several forms and rules tied to the prior reconciliation process, and modify refund and automated communication language to align adjustments and reversals with the consolidated monthly return framework.
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