Starting April 1, a significant change is imminent in the GST system with the enforcement of the Input Service Distributor (ISD) mechanism. This mandatory alteration is designed to ensure that state ...

Ahead of the next GST Council meeting, industry leaders are pushing for a significant policy shift: allowing input tax credit (ITC) refunds on input services under the inverted duty structure (IDS).

A recent GST circular clarifies trade discounts and credit notes, easing manufacturers' tax burden but creating cash-flow pressure for FMCG distributors due to accumulated input tax credit.

The government’s recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, ...