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DISTRIBUTION OF INPUT TAX CREDIT IN RESPECT OF INTER-STATE SUPPLIES FROM 1ST APRIL, 2025NEW CLAUSE TO DEFINE UNIQUE IDENTIFICATION MARKING FOR TRACK AND TRACE MECHANISMPROVISION TO REDUCE SUPPLIER TAX LIABILITY The Union Budget 2025-26 was tabled by the Union Minister for Finance and Corporate Affa
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FAQ :
The distribution of input tax credit by Input Service Distributor in respect of inter-state supplies will be effective from 1st April, 2025.
A new clause is being introduced to define Unique Identification Marking for the implementation of a Track and Trace Mechanism.
Yes, there is a provision for the reversal of corresponding input tax credit if availed, for the purpose of reduction of tax liability of the supplier when a credit-note is issued.
A 10% mandatory pre-deposit of the penalty amount is required for appeals before the Appellate Authority in cases involving only a demand for penalty, without any demand for tax.
The supply of goods warehoused in a Special Economic Zone or Free Trade Warehousing Zone before clearance for exports or to the Domestic Tariff Area will be treated as neither a supply of goods nor a supply of services, with no refund of tax paid available for such transactions. This is applicable from 01.07.2017.
These changes will be brought into effect from a date to be notified in coordination with the States, as per the recommendations of the GST council.
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