Clause 121 - Amendment of section 34. - Finance Bill, 2025

Amendment of section 34. 121. In section 34 of the Central Goods and Services Tax Act, in sub-section (2), for the proviso, the following proviso shall be substituted, namely: Provided that no reduction in output tax liability of the supplier shall be permitted, if the (i) input tax credit as is attributable to such a credit note, if availed, has not been reversed by the recipient, where such recipient is a registered person; or (ii) incidence of tax on such supply has been passed on to any other person, in other cases. .