Reversal Of Input Tax Credit In Schedule-I Transactions (Without Consideration): Interplay Between Section 16(2) And Rule 37

Often transactions such as stock transfers, supply of corporate guarantee services, supply of technical and administrative services etc., between related parties (under GST) are carried out without any consideration. Since such supplies fall under the purview of Schedule-I of the CGST Act, the supplier is responsible to pay the applicable taxes to...