Input tax credit provisional acceptance permits provisional electronic ledger credit usable only for payment of self-assessed output tax liability. Entitlement to input tax credit is recognised as a self-assessed right in the return, subject to prescribed conditions and restrictions, and such credit ... Summary
Input tax credit provisional acceptance permits provisional electronic ledger credit usable only for payment of self-assessed output tax liability.
Entitlement to input tax credit is recognised as a self-assessed right in the return, subject to prescribed conditions and restrictions, and such credit is to be provisionally credited to an electronic credit ledger. The provisional credit may be applied only to discharge the registrant's self-assessed output tax liability declared in the same return.
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