The authority rejected the refund citing non-submission of LUT before export. The court found that the clarification allowing ex post facto LUT was ignored and ordered ...
The government’s recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, ...
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Vedanta Hit With ₹141.36 Crore GST Penalty Over Ineligible ITC Claims; Plans Legal Challenge
Global mining conglomerate Vedanta Ltd was hit with Goods and Services Tax (GST) penalties of Rs 141.36 crore for alleged ineligible Input Tax Credit (ITC) availment on Saturday. The Mumbai listed ...
A recent GST circular clarifies trade discounts and credit notes, easing manufacturers' tax burden but creating cash-flow pressure for FMCG distributors due to accumulated input tax credit.
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