Restaurants that have offset input tax credit (ITC) in respect of liquor sales will be impacted by a recent goods and services tax (GST) advance ruling given by the West Bengal bench.
The GST-Authority for Advance Rulings (GST-AAR) held that the applicant would have to reverse the ITC. While advance rulings do not set a judicial precedent, they do influence tax assessments.
Source: A2ZTaxCorp
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