AAR : Allows ITC when consideration paid by way of book adjustment/ setting-off book debts
West Bengal AAR holds that Input Tax credit (ITC) is rightly admissible for inward supplies from the Franchisee by way of settling off book debts since the applicant pays ‘consideration’ for inward supplies by way of book adjustment; Notes that GST Act and Rules made thereunder do not restrict the recipient from claiming ITC when consideration is paid through book adjustment subject to conditions and restrictions as may be prescribed and in the manner specifie...