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of <h1>Claiming Input Tax Credit Under Rule 5: Conditions, Declaration, and Reduction for Capital Goods Explained</h1> Input tax credit in special circumstances under Rule 5 requires compliance with specific conditions. Credit on capital goods is reduced by five percentage points per quarter from the invoice date. Eligible registered persons must declare their eligibility electronically within 30 days using FORM GST ITC-01, detailing inputs and capital goods held in stock. This declaration must be certified by a chartered or cost accountant if claims exceed two lakh rupees. Credit claims must match supplier details in FORM GSTR-1 or GSTR-4. For capital goods supply, credit is reduced similarly by five percentage points per quarter from the invoice date.
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