The concept of Matching forms the backbone of ITC (Input Tax Credit) under the GST regime. As per the concept, ITC of the recipient for inward supply to be accepted only if the corresponding outward supply of supplier stated in the return is matched with the inward supply of purchaser. Section 42 of the CGST…
Content: Levy of Compensation Cess to be extended beyond 5 years Centre to Release Compensation to states Compliance related measures Reducing Burden of Small Taxpayers Revising the requirement to mention HSN/SAC on Tax Invoices Levy of Compensation Cess to be extended beyond 5 years GST is a destination based consumption tax; the revenue of GST…