GST circular spares recipients from reversing ITC on non-GST credit notes; Section 15 amendment could ease distributor cash-flow
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GST
A government GST circular clarified that financial/commercial credit notes issued without GST do not require recipients to reverse input tax credit (ITC), but distributors face blocked ITC and cash-flow stress with no current refund mechanism. Experts say a proposed amendment to the CGST Act (Section 15) would allow suppliers to issue GST credit adjus
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