https://www.taxtmi.com/article/detailed?id=13464 Amendments expand and clarify definitions for Input Service Distributor and municipal/local funds, introduce a statutory unique identification mark, remove voucher-specific time-of-supply subsections, and reframe input tax credit exclusion to uniformly read plant and machinery. Input Service Distributors must register and distribute central or integrated tax credits for invoices from distinct persons in the same State under prescribed conditions. Credit-note provisos deny supplier output tax reductions if recipient reversal of input credit is absent. A new Track and Trace mechanism mandates unique marking, electronic records and penalties for non-compliance; Schedule III and refund rules are also amended. en-us Mon, 03 Feb 2025 10:42:38 +0530 Mon, 03 Feb 2025 10:42:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13464 Amendments expand and clarify definitions for Input Service Distributor and municipal/local funds, introduce a statutory unique identification mark, remove voucher-specific time-of-supply subsections, and reframe input tax credit exclusion to uniformly read plant and machinery. Input Service Distributors must register and distribute central or integrated tax credits for invoices from distinct persons in the same State under prescribed conditions. Credit-note provisos deny supplier output tax reductions if recipient reversal of input credit is absent. A new Track and Trace mechanism mandates unique marking, electronic records and penalties for non-compliance; Schedule III and refund rules are also amended. Articles Budget - Tax Proposals Mon, 03 Feb 2025 10:42:38 +0530 https://www.taxtmi.com/article/detailed?id=13464