AAR allows input tax credit by debt settlement under GST regime

Companies can claim  input tax credit  (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of  AAR  made the ruling while hearing a case relating to Senco Gold, a supplier of jewellery. The firm also…