Supplier can adopt recipient's price for related supplies, ITC, Composition & Registration Rules streamlined

GST Council approves 7 Rules relating to Input Tax Credit, Valuation, Refund, Composition, Registration, Payment & Invoice; “Input Tax Credit” Rules inter alia stipulate documentary requirements & conditions for claiming credit, reversal in case of non-payment of consideration or exempt supplies, manner of distribution by ISD, and conditions / restrictions in respect of job-work; “Determination of Value of Supply” Rules stipulate ‘open market’ valuation of...