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GST - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Input Tax Credit - sale and buyback transactions - payment is ...

GST

January 27, 2024

Input Tax Credit - sale and buyback transactions - payment is settled through book adjustments against the debt - mutual debt settlement through book adjustments is a recognized and valid mode of payment under the GST Act. Therefore, claiming input tax credit cannot be denied solely on the grounds that consideration for the goods is paid through book adjustment. - AAR

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