🚨 Important Update for all Business Owners!

🚨 Recent court cases under the GST regime shed light on claiming Input Tax Credit (ITC) even when suppliers' registrations are retrospectively cancelled. ARR💼📑

Key takeaway: Documentary evidence like invoices, e-way bills, and bank statements is crucial to support ITC claims. 📂✅

Madras High Courts ruling in case of Tvl. Cleon Optobiz Pvt. Ltd. vs The Assistant Commissioner (ST), Chennai (19-Jan-2024). is in favor of taxpayers stresses the significance of genuine purchases from registered suppliers, even post-cancellation. ARR🏛💰

Remember, proper verification and compliance with statutory obligations are paramount for successful ITC claims. Stay informed, stay compliant! ARR🌟💡

Other cases are:
Calcutta High Court's: Gargo Traders, LGW Industries, Sanchita Kundu

ARR: Madras High Court, VAT judgments in JINSASAN DISTRIBUTORS and VINAYAGA AGENCIES are also important.