https://www.taxtmi.com/news?id=32342 Input Service Distributors will be authorised to distribute input tax credit in respect of inter-state supplies subject to reverse charge, a statutory definition of Unique Identification Marking is added to implement a Track and Trace Mechanism with penalties for contraventions, and corresponding input tax credit must be reversed when credit-notes reduce a supplier's tax liability; procedural changes include a mandatory pre-deposit of penalty for appeals limited to penalty demands and new return-filing conditions, alongside Schedule III clarification that certain SEZ/FTWZ movements are not supplies and are not eligible for refunds. en-us Sat, 01 Feb 2025 14:12:29 +0530 Sat, 01 Feb 2025 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=32342 Input Service Distributors will be authorised to distribute input tax credit in respect of inter-state supplies subject to reverse charge, a statutory definition of Unique Identification Marking is added to implement a Track and Trace Mechanism with penalties for contraventions, and corresponding input tax credit must be reversed when credit-notes reduce a supplier's tax liability; procedural changes include a mandatory pre-deposit of penalty for appeals limited to penalty demands and new return-filing conditions, alongside Schedule III clarification that certain SEZ/FTWZ movements are not supplies and are not eligible for refunds. News - Sat, 01 Feb 2025 14:12:29 +0530 https://www.taxtmi.com/news?id=32342