https://www.taxtmi.com/article/detailed?id=11657 Input tax credit is admissible where consideration is settled by mutual book adjustment between a manufacturer and outsourced vendors, because the CGST Act's inclusive definition of consideration covers reduction of a debtor's book liability as a form of payment. Such admissibility is subject to compliance with the requirements of Sections 16, 17 and 18 of the CGST Act and the corresponding rules, and where invoicing, accounting and procedural conditions for ITC entitlement are satisfied. en-us Wed, 26 Jul 2023 11:44:54 +0530 Wed, 26 Jul 2023 11:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11657 Input tax credit is admissible where consideration is settled by mutual book adjustment between a manufacturer and outsourced vendors, because the CGST Act's inclusive definition of consideration covers reduction of a debtor's book liability as a form of payment. Such admissibility is subject to compliance with the requirements of Sections 16, 17 and 18 of the CGST Act and the corresponding rules, and where invoicing, accounting and procedural conditions for ITC entitlement are satisfied. Articles Goods and Services Tax - GST Wed, 26 Jul 2023 11:44:54 +0530 https://www.taxtmi.com/article/detailed?id=11657