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Book Adjustments Valid for Input Tax Credit in Sale and Buyback Deals Under GST Act.

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Full Text of the Document

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....Input Tax Credit - sale and buyback transactions - payment is settled through book adjustments against the debt - mutual debt settlement through book adjustments is a recognized and valid mode of payment under the GST Act. Therefore, claiming input tax credit cannot be denied solely on the grounds that consideration for the goods is paid through book adjustment. - AAR....

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