https://www.taxtmi.com/forum/issue?id=116288 Deductions for delayed supply or delayed completion may be treated as taxable consideration under Schedule II and subject to GST according to several advance rulings; alternative tribunal authority disputes that characterisation. For input tax credit, a supplier's credit note will adjust tax liabilities and the recipient's ITC, whereas absent a credit note recipients are advised to proportionately reverse ITC for the undelivered or deficient portion and consider interest, reflecting divergent views on classification and compliance steps. en-us Tue, 12 May 2020 12:33:49 +0530 Thu, 23 Jan 2025 15:54:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116288 Deductions for delayed supply or delayed completion may be treated as taxable consideration under Schedule II and subject to GST according to several advance rulings; alternative tribunal authority disputes that characterisation. For input tax credit, a supplier's credit note will adjust tax liabilities and the recipient's ITC, whereas absent a credit note recipients are advised to proportionately reverse ITC for the undelivered or deficient portion and consider interest, reflecting divergent views on classification and compliance steps. Discussion-Forum GST Tue, 12 May 2020 12:33:49 +0530 https://www.taxtmi.com/forum/issue?id=116288