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, ...

The court ruled that a CBIC circular on deemed exports cannot block ITC refunds for actual exporters. Refunds under Section 54(3) must follow the statute when no deemed export benefits are ...