AAR allows input tax credit by debt settlement under GST regime.
Dear all,
Your association SIMA is forwarding herewith an article ‘’AAR allows input tax credit by debt settlement under GST regime’’.
AAR ruled that the applicant could pay the consideration for inward supplies by way of setting off book dept.
Companies can claim input tax credit (ITC) under the goods & services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustment in their books, ruled an authority for advance rulings (AAR).
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This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
