Among the key proposals is a retrospective amendment to the blocked credit provisions, which now replaces the term "plant or machinery" with "plant and machinery" in line with the Supreme Court's ruling in the Safari Retreats case.
"This distinction clarifies the eligibility for Input Tax Credit (ITC) based on the usage of the two terms. Furthermore, the amendment to the Input Service Distributor (ISD) provisions will incorporate inter-state reverse charge mechanism (RCM) transactions, providing much-needed clarity within the ISD framework," said Krishan Arora, Partner, Grant Thornton Bharat.
This story is from the December 23, 2024 edition of The Statesman Bhubaneswar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 23, 2024 edition of The Statesman Bhubaneswar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Varun Aaron Retires From All Representative Cricket
Best remembered for being the tearaway quick whose sharp bouncer left Stuart Broad's nose fractured at Old Trafford during India's tour of England in 2014, Varun Aaron on Friday announced his retirement from \"representative cricket\".
1st ODI: Pratika, Tejal guide India Women to six-wicket victory over Ireland
Pratika Rawal and Tejal Hasabnis' half-centuries helped India Women clinch a six-wicket triumph over Ireland in the first ODI match of the series at the Saurashtra Cricket Association Stadium in Rajkot on Friday.
Champions Trophy: ICC officials review Pakistan's preparations
A delegation from the game's global body is visiting the troubled country to check renovation work
Will change my name': Ravichandran Ashwin hails Rishabh Pant's defence
Rating wicket-keeper Rishabh Pant's as one of the best in terms of defence in Test matches, former India all-rounder Ravichandran Ashwin on Friday compared Pant at par with England's Joe Root and Australia's Steve Smith as the best batters in the last seven years, when batting has become \"significantly difficult and averages have decreased.\"
Lakshya spearheads Services' charge on Day 3 of men's boxing nationals
Lakshya Chahar continued the Services Sports Control Board's (SSCB) stellar performance at the 8th elite men's national boxing championship, with a dominant display on Day 3, reinforcing his unit's bid to retain their title in the prestigious tournament being held at Bareilly.
Ice Hockey League: Defending champions Maryul Spamo storm into women's final
Maryul Spamo, the reigning champions in the women's category, stormed into the finals with a stunning 11-0 win over Humas Queens in the first semi-final of the Royal Enfield Ice Hockey League Season 2.
Newcastle Star Isak Is Premier League Player Of The Month
Newcastle striker Alexander Isak has won the Premier League December Player of the Month award and becomes only the fourth Swedish player in history to win the honour.
ISL: Mohammedan meet BFC, look to end goalless run
Bengaluru FC will be eager to hold to their slim hopes of overtaking defending champions Mohun Bagan Super Giant at the top of the points table when they host laggards Mohammedan SC at the Sree Kanteerava Stadium for an Indian Super League (ISL) clash on Saturday.
Kolkata Derby: East Bengal search for first ISL victory against Mohun Bagan
Defending champions aim for bigger lead at the top of the table while Red and Gold Brigade fight for pride
Australian Open: Djokovic hails 'dedicated' coach Murray
Multiple Grand Slam winner Novak Djokovic hopes that his partnership with long-time rival-turned-coach Andy Murray brings more than just enjoyment in his pursuit of the 11th Australian Open title.
