FMCG Distributors Warn of ITC Lock-In After GST Circular

Last updated: 30 September 2025

A recent circular issued by the government has clarified the treatment of trade discounts and credit notes under the Goods and Services Tax (GST) regime, but experts warn it may shift compliance and cash-flow burdens onto FMCG distributors. Key clarification: Credit notes and ITC GST Circular 251

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