https://www.taxtmi.com/news?id=14697 The Bill substitutes section 4 to allow government notified, schedule specific tax rates for goods in the Fourth Schedule that must exceed the general non scheduled rate but remain subject to an overall cap. Sections 8 and 10 are amended to state that post sale credit notes for discounts or incentives are independent of the tax component and do not require output tax adjustments, while purchasers must adjust input tax credit for actual shortfalls or excesses when credit/debit notes are issued or goods are returned. Amendments also streamline registration cancellation, extend the refund security period, revise penalties and replace the Fourth Schedule listing specified commodities. en-us Mon, 13 Jul 2015 17:28:14 +0530 Mon, 13 Jul 2015 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14697 The Bill substitutes section 4 to allow government notified, schedule specific tax rates for goods in the Fourth Schedule that must exceed the general non scheduled rate but remain subject to an overall cap. Sections 8 and 10 are amended to state that post sale credit notes for discounts or incentives are independent of the tax component and do not require output tax adjustments, while purchasers must adjust input tax credit for actual shortfalls or excesses when credit/debit notes are issued or goods are returned. Amendments also streamline registration cancellation, extend the refund security period, revise penalties and replace the Fourth Schedule listing specified commodities. News - Mon, 13 Jul 2015 17:28:14 +0530 https://www.taxtmi.com/news?id=14697