https://www.taxtmi.com/notifications?id=146819 New return-based input tax credit procedures allow recipients to verify, validate, modify or delete supplier-furnished supply details through returns. Prescribed procedures govern supplier reporting, recipient credit verification and credit relating to outward supplies not furnished by suppliers; such credit may be capped at a prescribed level not exceeding twenty per cent of credit available from supplier-furnished details. Suppliers and recipients may be jointly and severally liable for tax or wrongly availed credit where prescribed supply details exist but the relevant return has not been furnished. Input tax credit utilisation is reordered through prescribed priority rules for integrated, Central and State tax credit. en-us Fri, 11 Jan 2019 00:00:00 +0530 Thu, 03 Sep 2026 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=146819 New return-based input tax credit procedures allow recipients to verify, validate, modify or delete supplier-furnished supply details through returns. Prescribed procedures govern supplier reporting, recipient credit verification and credit relating to outward supplies not furnished by suppliers; such credit may be capped at a prescribed level not exceeding twenty per cent of credit available from supplier-furnished details. Suppliers and recipients may be jointly and severally liable for tax or wrongly availed credit where prescribed supply details exist but the relevant return has not been furnished. Input tax credit utilisation is reordered through prescribed priority rules for integrated, Central and State tax credit. Notifications GST - States Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/notifications?id=146819