Input tax credit availment requires reversal with interest if supplier tax remains unpaid, with re-availment permitted later. Every registered person may avail self-assessed eligible input tax credit in the return, subject to prescribed conditions and restrictions, and the amount is credited to the electronic credit ledger. If credit is taken on supplies where the supplier has not paid tax, the recipient must reverse the credit with applicable interest, but may re-avail it if the supplier later makes payment. The earlier form provided for provisional acceptance of input tax credit and restricted utilisation to self-assessed output tax.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit availment requires reversal with interest if supplier tax remains unpaid, with re-availment permitted later.
Every registered person may avail self-assessed eligible input tax credit in the return, subject to prescribed conditions and restrictions, and the amount is credited to the electronic credit ledger. If credit is taken on supplies where the supplier has not paid tax, the recipient must reverse the credit with applicable interest, but may re-avail it if the supplier later makes payment. The earlier form provided for provisional acceptance of input tax credit and restricted utilisation to self-assessed output tax.
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