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GST Council Recommends New GST Provision for Reversal of ITC In case of Non-Payment of Tax by Supplier

The 48th meeting of GST Council meeting headed by the Union Finance Minister Nirmala Sitharaman has decided to include a new provision in the Central GST Act where the taxpayer can reverse the input tax credit in the event of non-payment of tax by the supplier by a specified date. The council further proposed for a mechanism for re-availment of such credit, if the supplier pays tax subsequently.

Source Taxscan

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