https://www.taxtmi.com/caselaws?id=379973 Input tax credit under GST is not denied merely because consideration for inward supplies is settled by book adjustment or set-off of book debt. Section 49 governs payment to the Government, not the private mode of settlement between supplier and recipient. The term "consideration" in section 2(31) is broad enough to include discharge of liability otherwise than in cash, including reduction of book debt. In the absence of any express GST restriction, credit remains admissible if the other statutory conditions for input tax credit are satisfied. en-us Wed, 08 May 2019 00:00:00 +0530 Sat, 08 Mar 2025 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379973 Input tax credit under GST is not denied merely because consideration for inward supplies is settled by book adjustment or set-off of book debt. Section 49 governs payment to the Government, not the private mode of settlement between supplier and recipient. The term "consideration" in section 2(31) is broad enough to include discharge of liability otherwise than in cash, including reduction of book debt. In the absence of any express GST restriction, credit remains admissible if the other statutory conditions for input tax credit are satisfied. Case-Laws GST Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379973