Quick Summary
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 Affairs, Smt Nirmala Sitharaman in the Parliament today. The Budget proposes changes in GST laws for ensuring trade facilitation. These proposed amendments include: Provision for distribution of inpu
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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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