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of <h1>Businesses Can Claim Input Tax Credit Under GST Act 2017: Key Conditions and Restrictions Explained</h1> Under the Jharkhand Goods and Services Tax Act, 2017, registered persons can claim input tax credit on goods or services used for business purposes, credited to their electronic credit ledger. Conditions include possession of a tax invoice, receipt of goods or services, payment of tax to the government, and filing of returns. Credit is granted upon receipt of the final installment if goods are delivered in parts. Failure to pay the supplier within 180 days results in added output tax liability. Depreciation claimed under the Income-tax Act negates credit on capital goods' tax component. Credit claims are restricted post-September of the following financial year.
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