CBIC notifies GST Council’s ITC Conditions for Same-Line Businesses; Restricts it to 2.5% when Supplier Charges a Higher Tax Rate [Read Notification]

CBIC - GST Council's ITC Conditions - Same-Line Businesses-Restricts it to- Supplier Charges -Higher Tax Rate-TAXSCAN

The Central Board of Indirect Taxes and Customs (CBIC), vide notification no. 12/2023 has notified the Input Tax Credit conditions for the same line of businesses according to the recommendations of the Goods and Services Tax (GST) Council with effect from October 20, 2023. Exercising the authority conferred by subsection (1), subsection (3), and subsection…

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