https://www.taxtmi.com/news?id=18542 Small mining leaseholders below the prescribed turnover threshold may opt for the composition scheme under section 10, paying simplified composition rates and foregoing inter State supplies; such suppliers cannot issue tax invoices and their buyers cannot claim ITC. Tax on supplies is determined by time of invoice or receipt of payment; receipt vouchers are required for advances and refund vouchers must include tax. ITC is available for inputs and input services used in business subject to statutory exclusions (notably construction of immovable property and certain canteen services), with specified time limits for claiming credit and limited refund availability for unutilised ITC. en-us Tue, 01 Aug 2017 17:21:42 +0530 Thu, 03 Aug 2017 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18542 Small mining leaseholders below the prescribed turnover threshold may opt for the composition scheme under section 10, paying simplified composition rates and foregoing inter State supplies; such suppliers cannot issue tax invoices and their buyers cannot claim ITC. Tax on supplies is determined by time of invoice or receipt of payment; receipt vouchers are required for advances and refund vouchers must include tax. ITC is available for inputs and input services used in business subject to statutory exclusions (notably construction of immovable property and certain canteen services), with specified time limits for claiming credit and limited refund availability for unutilised ITC. News - Tue, 01 Aug 2017 17:21:42 +0530 https://www.taxtmi.com/news?id=18542