Input Tax Credit eligibility: electronic FORM GST ITC-01 declaration plus phased reduction of credit over time. Input Tax Credit on capital goods is claimed after reducing tax by five percentage points per quarter from invoice or receipt; the registered person must file an electronic declaration within thirty days in FORM GST ITC-01 specifying inputs or capital goods held as of the relevant trigger date. Claims exceeding the monetary threshold require certification by a practicing chartered accountant or cost accountant and credits on capital goods are verified against supplier returns (FORM GSTR 1 or FORM GSTR 4) on the Common Portal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input Tax Credit eligibility: electronic FORM GST ITC-01 declaration plus phased reduction of credit over time.
Input Tax Credit on capital goods is claimed after reducing tax by five percentage points per quarter from invoice or receipt; the registered person must file an electronic declaration within thirty days in FORM GST ITC-01 specifying inputs or capital goods held as of the relevant trigger date. Claims exceeding the monetary threshold require certification by a practicing chartered accountant or cost accountant and credits on capital goods are verified against supplier returns (FORM GSTR 1 or FORM GSTR 4) on the Common Portal.
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