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Join our Email NewsletterClearly as you can see above, under the GST Regime to claim the input tax credit, mere payment of GST to your vendor / supplier is not enought. As per Section 16, the tax so paid by you must also be deposited by such vendor and due return shall be filed accordingly to reflect gst paid on your GST Number.
In such a Instance a Clause to Indemnify should be inserted in your vendor agreements that where the liability has been duly discharged by making of tax payments to such vendor, any loss of eligible input tax credit for non payment / non filing of return and applicable interest / penalties shall be duly indemnified by such vendor.
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