https://www.taxtmi.com/caselaws?id=448695 AAR, West Bengal ruled that input tax credit cannot be denied when consideration is paid through book adjustment against mutual debts. The authority held that the GST Act's definition of "consideration" is inclusive and does not restrict payment modes. Settlement of mutual debts through book adjustment constitutes valid payment under GST provisions. The ruling clarifies that recipients can claim input tax credit when payment to suppliers is made via book debt settlement, as the Act imposes no restrictions on this payment method. en-us Wed, 20 Dec 2023 00:00:00 +0530 Fri, 25 Apr 2025 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448695 AAR, West Bengal ruled that input tax credit cannot be denied when consideration is paid through book adjustment against mutual debts. The authority held that the GST Act's definition of "consideration" is inclusive and does not restrict payment modes. Settlement of mutual debts through book adjustment constitutes valid payment under GST provisions. The ruling clarifies that recipients can claim input tax credit when payment to suppliers is made via book debt settlement, as the Act imposes no restrictions on this payment method. Case-Laws GST Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448695