Matching, reversal and reclaim of reduction in output tax liability. Enforced w.e.f. 22nd June, 2017. Omitted (w.e.f. 1st October, 2022 vide Notification No. 18/2022 – CT dated 28.09.2022) by s. 107 of The Finance Act 2022 (No. 6 of 2022) for (1) The details of every credit note relating to outward supply furnished by a registered person (hereafter in this section […]

Matching, reversal and reclaim of input tax credit * Enforced w.e.f. 22nd June, 2017. Omitted (w.e.f. 1st October, 2022 vide Notification No. 18/2022 – CT dated 28.09.2022) by s. 107 of The Finance Act 2022 (No. 6 of 2022) for (1) The details of every inward supply furnished by a registered person (hereafter in this section referred to as the “recipient”) for

Availment of input tax credit (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger. (2) The credit of input tax availed by a

First return Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration. *Enforced w.e.f. 1st July, 2017. Practice area’s of

Furnishing of returns (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for every calendar month or part thereof, furnish, a return, electronically, of inward and outward supplies of goods or services or both, input tax credit

Communication of details of inward supplies and input tax credit (1) The details of outward supplies furnished by the registered persons under sub-section (1) of section 37 and of such other supplies as may be prescribed, and an auto-generated statement containing the details of input tax credit shall be made available electronically to the recipients of such

Furnishing details of outward supplies (1) Every registered person, other than an Input Service Distributor, a non-resident taxable person and a person paying tax under the provisions of section 10 or section 51 or section 52, shall furnish, electronically 1[subject to such conditions and restrictions and] in such form and manner as may be prescribed, the details of outward supplies of goods

Period of retention of accounts Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records:

Accounts and other records (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of- (a) production or manufacture of goods; (b) inward and outward supply of goods or services or both; (c) stock of goods; (d) input tax

Credit and debit notes (1) 1[Where one or more tax invoices have] been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned