News & Media 28th Jun 2024
Suppliers of goods and services will have to give undertakings signed by Chartered Accountants (CA) or Cost Accountants (CWA) that they will reverse any ITC claimed on discounted supplies.
The clarification was part of 16 circulars issued on Thursday by the Central Board of Indirect Taxes and Customs (CBIC), following the 53rd GST Council Meeting last Saturday. The Council has recommended a mechanism for suppliers to demonstrate compliance with GST rules related to post-sale discounts. However, till the time such a mechanism is developed an undertaking signed by CAs or CWAs would suffice.
Our Partner, Harsh Shah has been quoted in an article, “Need sellers undertaking for ITC reversal” written by Monika Yadav published in The New Indian Express.