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of <h1>Understanding Input Tax Credit Rules Under GST Act 2016: Eligibility, Conditions, and Exclusions for Businesses</h1> The statutory provisions outline the conditions and procedures for claiming input tax credit under the Goods and Services Tax Act, 2016. Registered taxable persons can claim input tax credit for inputs in stock and goods held before registration, subject to conditions and within specified timeframes. Credit is limited to business purposes and taxable supplies. Certain goods and services, such as motor vehicles and personal consumption items, are excluded from credit eligibility. Changes in business structure allow for credit transfer. Depreciation on capital goods tax components disallows credit. Tax invoices and payment proof are necessary for credit claims, and incorrect credit claims are subject to recovery.
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