https://www.taxtmi.com/news?id=20401 The Bill replaces section 7(4) to allow the Central Government, on Council recommendations, to notify classes of registered recipients who must pay tax on reverse charge basis for specified supplies from unregistered suppliers, treating such recipients as the person liable. It amends section 9 to limit utilisation of Union territory tax credit towards integrated tax only when central tax credit balance is unavailable, and inserts sections 9A and 9B to require integrated tax credit be utilised first and to permit the Government, on Council recommendations, to prescribe the order and manner of input tax credit utilisation across tax heads. en-us Wed, 08 Aug 2018 13:11:05 +0530 Wed, 08 Aug 2018 13:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20401 The Bill replaces section 7(4) to allow the Central Government, on Council recommendations, to notify classes of registered recipients who must pay tax on reverse charge basis for specified supplies from unregistered suppliers, treating such recipients as the person liable. It amends section 9 to limit utilisation of Union territory tax credit towards integrated tax only when central tax credit balance is unavailable, and inserts sections 9A and 9B to require integrated tax credit be utilised first and to permit the Government, on Council recommendations, to prescribe the order and manner of input tax credit utilisation across tax heads. News - Wed, 08 Aug 2018 13:11:05 +0530 https://www.taxtmi.com/news?id=20401