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"
- High Court Clarifies GST Treatment of Corporate Guarantees Without Consideration
- West Bengal AAR Rejects Hotel ITC Advance Ruling Over Pending GST Proceedings
- IMS vs Purchase Register: GST Reconciliation Guide
- Rajasthan AAAR: Compostable Bags Taxable at 5% Only if Biodegradable
- Tamil Nadu AAR: GST on Foreign Director’s Commission, Export Agents Exempt, C&F Taxable
