The 48th meeting of GST Council meeting headed by the Union Finance Minister Nirmala Sitharaman has decided to include a new provision in the Central GST Act where the taxpayer can reverse the input tax credit in the event of non-payment of tax by the supplier by a specified date. The council further proposed for a mechanism for re-availment of such credit, if the supplier pays tax subsequently.
Source Taxscan
Latest Posts in "India"
- GST on Dine-in, Takeaway, and Delivery App Orders: Rates, Compliance, and Reporting Differences
- Ensuring ITC Compliance: Mastering GSTR-2B Reconciliation and Audit Readiness for 2026
- India’s E-Invoicing Rules: Scope, Formats, Penalties, and Compliance Under the GST Framework
- Continuous Supply of Services Under GST: Legal Criteria Versus Commercial Practice Explained
- Tripura HC: ITC Cannot Be Denied to Bona Fide Purchaser for Supplier’s Tax Default
