Input tax credit communication and restrictions revised, altering return timelines and conditioning furnishing of outward-supply details. The Act revises timelines and compliance conditions, substitutes section 38 to require an auto-generated statement communicating details of inward supplies and input tax credit to recipients, omits matching provisions (sections 42, 43 and 43A), conditions furnishing of outward-supply details on prior compliance while permitting exceptions by notification, and recalibrates availment, reversal and interest rules for input tax credit subject to prescribed conditions, restrictions and notification by the Government on Council recommendation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit communication and restrictions revised, altering return timelines and conditioning furnishing of outward-supply details.
The Act revises timelines and compliance conditions, substitutes section 38 to require an auto-generated statement communicating details of inward supplies and input tax credit to recipients, omits matching provisions (sections 42, 43 and 43A), conditions furnishing of outward-supply details on prior compliance while permitting exceptions by notification, and recalibrates availment, reversal and interest rules for input tax credit subject to prescribed conditions, restrictions and notification by the Government on Council recommendation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
