Currently, there is no mechanism to track whether the Input Tax Credit (ITC) on such discounts has been reversed or not.
Till the time a functionality is made available on the common portal to enable the suppliers as well as the tax officers to verify the reversal, the supplier may procure a certificate from the recipient of the supply, issued by the Chartered Accountant (CA) or the Cost Accountant (CMA), certifying that the recipient has made the required proportionate reversal of ITC at his end in respect of such credit note issued by the supplier.
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Esta historia es de la edición June 28, 2024 de Millennium Post Delhi.
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