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of <h1>Input Tax Credit Reversal and Re-availment Rules Updated Under Finance Act 2022 for Registered Persons</h1> Every registered person under the Central Goods and Services Tax Act, 2017, can avail input tax credit on eligible taxes, as self-assessed, which is credited to their electronic credit ledger. If the supplier fails to pay the due tax on supplied goods or services, the registered person must reverse the credit along with interest. However, if the supplier eventually pays the tax, the registered person may re-avail the reversed credit. This provision was updated by the Finance Act, 2022, replacing the earlier provisional credit system.
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