The Central Board of Indirect Taxes and Customs (CBIC) has clarified that buyers will not be required to reverse Input Tax Credit (ITC) when suppliers provide post-sale financial or commercial discounts through credit notes. The clarification states that such discounts do not reduce the taxable
ITC Ltd, India’s leading cigarette manufacturer, has raised concerns over the rampant smuggling of misbranded Indian cigarettes into the country. In a letter to the Union Finance Ministry, the company highlighted that this illicit trade results in an estimated annual tax revenue loss of ₹21,000 crore and may be financing organized crime networks. Smuggling Routes
