Does amendment/s to Rule 37 is prospective or retrospective? And its implications? https://www.taxtmi.com/forum/issue?id=118280 Absent express retrospective enactment by Parliament, the Notification amending Rule 37 operates prospectively; retrospective effect altering past liabilities requires an express retrospective provision in Finance legislation. The 48th Council recommended treating certain reversals as retrospective to provide proportionate input tax credit reversal and proposed Rule 37A to prescribe reversal and re availment mechanics, but implementation awaits notifications and legislative wording. en-us Tue, 13 Dec 2022 23:17:08 +0530 Thu, 23 Jan 2025 15:54:15 +0530 TaxTMI RSS Generator Does amendment/s to Rule 37 is prospective or retrospective? And its implications? https://www.taxtmi.com/forum/issue?id=118280 Absent express retrospective enactment by Parliament, the Notification amending Rule 37 operates prospectively; retrospective effect altering past liabilities requires an express retrospective provision in Finance legislation. The 48th Council recommended treating certain reversals as retrospective to provide proportionate input tax credit reversal and proposed Rule 37A to prescribe reversal and re availment mechanics, but implementation awaits notifications and legislative wording. Discussion-Forum GST Tue, 13 Dec 2022 23:17:08 +0530 https://www.taxtmi.com/forum/issue?id=118280