Input tax credit entitlement requires tax invoice, receipt of supplies, tax payment and return compliance for crediting. Every registered person is entitled to claim input tax credit for tax charged on supplies used in business, subject to conditions: possession of a tax invoice or prescribed document from a registered supplier; receipt of the goods or services (including deemed receipt); payment of tax to the government in cash or through permissible credit utilization; and filing the required return. Credit is excluded where the tax component of capital goods is depreciated under income tax, and claims are time barred after the statutory return deadline or annual return. Nonpayment to supplier triggers reversal and interest, with credit restoration upon payment.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit entitlement requires tax invoice, receipt of supplies, tax payment and return compliance for crediting.
Every registered person is entitled to claim input tax credit for tax charged on supplies used in business, subject to conditions: possession of a tax invoice or prescribed document from a registered supplier; receipt of the goods or services (including deemed receipt); payment of tax to the government in cash or through permissible credit utilization; and filing the required return. Credit is excluded where the tax component of capital goods is depreciated under income tax, and claims are time barred after the statutory return deadline or annual return. Nonpayment to supplier triggers reversal and interest, with credit restoration upon payment.
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