https://www.taxtmi.com/forum/issue?id=109817 New rule requires purchasers claiming input tax credit to establish that the vendor remitted tax when the assessing authority demands proof; failure to do so can lead to disallowance of ITC and interest or penalty. The text recommends electronic reconciliation of sales and purchases with automated mismatch alerts and procedural blocks to reduce purchaser exposure and notes similar supplier-payment conditioned credit in draft Model GST. en-us Tue, 02 Feb 2016 10:27:25 +0530 Thu, 23 Jan 2025 15:56:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=109817 New rule requires purchasers claiming input tax credit to establish that the vendor remitted tax when the assessing authority demands proof; failure to do so can lead to disallowance of ITC and interest or penalty. The text recommends electronic reconciliation of sales and purchases with automated mismatch alerts and procedural blocks to reduce purchaser exposure and notes similar supplier-payment conditioned credit in draft Model GST. Discussion-Forum VAT / Sales Tax Tue, 02 Feb 2016 10:27:25 +0530 https://www.taxtmi.com/forum/issue?id=109817