https://www.taxtmi.com/article/detailed?id=12289 The Act now defines an Input Service Distributor as any office of a supplier that receives invoices for input services, including those under alternate levy, for distinct persons and must register as an ISD and distribute input tax credit as prescribed. The substituted distribution rule requires ISDs to allocate central or integrated tax credits received on invoices, permits conversion between central and integrated tax by prescribed document, and subjects distribution to prescribed manner, time and restrictions. A new penalty provision imposes a fixed penalty per unregistered machine under notified special registration procedures and provides for seizure unless penalty is paid and registration completed within the specified cure period. en-us Tue, 06 Feb 2024 10:17:05 +0530 Tue, 06 Feb 2024 10:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12289 The Act now defines an Input Service Distributor as any office of a supplier that receives invoices for input services, including those under alternate levy, for distinct persons and must register as an ISD and distribute input tax credit as prescribed. The substituted distribution rule requires ISDs to allocate central or integrated tax credits received on invoices, permits conversion between central and integrated tax by prescribed document, and subjects distribution to prescribed manner, time and restrictions. A new penalty provision imposes a fixed penalty per unregistered machine under notified special registration procedures and provides for seizure unless penalty is paid and registration completed within the specified cure period. Articles Budget - Tax Proposals Tue, 06 Feb 2024 10:17:05 +0530 https://www.taxtmi.com/article/detailed?id=12289