News & Media 28th Jun 2024

Need sellers undertaking for ITC reversal

Authors

Harsh Shah Partner | Mumbai

Latest Thought Leadership

Articles 6th Feb 2025

Union Budget 2025 Proposals for the Indian Crypto Industry: Alignment with Global Practices

Read More
Articles 6th Feb 2025

Debut of Track & Trace under Indian GST law fulfilling obligations towards public health

Read More
News & Media 6th Feb 2025

Will INR 12 lakh income qualify for zero tax even with capital gains?

Read More
News & Media 6th Feb 2025

ITR Filing: Know the new Budget 2025 rules for filing updated income tax returns

Read More

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.

Tune into the full story here

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.