GST: ITC Allowable for Goods Purchased from External Vendors When Payment is Settled through Book Adjustment in Sale and Buyback Transactions, rules AAR [Read Order]
The bench held that the Recipient can pay the supplier by way of setting book debt since the provision of the GST Act has not put any restriction in this regard
By Amal Michael - On March 1, 2024 4:15 pm - 2 mins read
A two member bench of West Bengal Authority for Advance Ruling Goods and Services Tax ( AAR ) held that settlement of mutual debts through book adjustment is a valid mode of payment under the Goods and Service Tax ( GST ) Act, 2017. The authority observed that Input Tax Credit ( ITC ) is…
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