https://www.taxtmi.com/article/detailed?id=13562 Retrospective GST cancellation can prevent taxable supplies, block issuance of tax invoices, obstruct refunds and force reversal of input tax credit on stock and capital goods, causing acute cash flow disruption. Courts limit backdated cancellations where non compliance is minor or reasons are inadequately explained, requiring authorities to act fairly and generally operate cancellations prospectively. Registrants should file returns timely, correct non compliance, apply for revocation within prescribed periods and seek judicial review if unfairly treated; customers should include contractual recovery clauses and condition payment on supplier proof of return filing and tax payment. A taxpayer may defend ITC claims by proving bona fide purchases and the supplier's compliance. en-us Sat, 15 Feb 2025 11:21:21 +0530 Sat, 15 Feb 2025 11:21:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13562 Retrospective GST cancellation can prevent taxable supplies, block issuance of tax invoices, obstruct refunds and force reversal of input tax credit on stock and capital goods, causing acute cash flow disruption. Courts limit backdated cancellations where non compliance is minor or reasons are inadequately explained, requiring authorities to act fairly and generally operate cancellations prospectively. Registrants should file returns timely, correct non compliance, apply for revocation within prescribed periods and seek judicial review if unfairly treated; customers should include contractual recovery clauses and condition payment on supplier proof of return filing and tax payment. A taxpayer may defend ITC claims by proving bona fide purchases and the supplier's compliance. Articles Income Tax Sat, 15 Feb 2025 11:21:21 +0530 https://www.taxtmi.com/article/detailed?id=13562