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of <h1>Finance Bill 2022: Clause 105 replaces Section 41, revising input tax credit rules under GST.</h1> Clause 105 of the Finance Bill, 2022, proposes to replace section 41 of the Central Goods and Services Tax Act. The new section allows registered persons to avail of input tax credit based on self-assessment, subject to prescribed conditions and restrictions. The credited amount will be added to their electronic credit ledger. If the supplier fails to pay the tax on supplied goods or services, the availed credit must be reversed with interest. However, if the supplier subsequently pays the tax, the registered person can re-avail the reversed credit as prescribed. This change eliminates the provisional claim of input tax credit.
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