GST rules for credit notes tightened to stop leakage
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance.
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A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance. 
