Input Tax Credit entitlement clarified: conditions for claiming, time limits, blocked credits, and utilisation order. Input Tax Credit (ITC) is the credit of central, State, integrated or Union territory tax on supplies received by a registered person, claimable where inputs, input services or capital goods are used in the course or furtherance of business, subject to possession of prescribed documents, receipt of goods/services, supplier's payment of tax, and filing of returns. Statutory exclusions apply to specified items and uses; special rules govern staged receipts, job-worker consignments, new registrations, migration from composition, capital goods adjustments, apportionment between taxable/exempt uses, utilisation order of electronic credit ledger, and transfer of ITC on business restructurings.
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Input Tax Credit entitlement clarified: conditions for claiming, time limits, blocked credits, and utilisation order.
Input Tax Credit (ITC) is the credit of central, State, integrated or Union territory tax on supplies received by a registered person, claimable where inputs, input services or capital goods are used in the course or furtherance of business, subject to possession of prescribed documents, receipt of goods/services, supplier's payment of tax, and filing of returns. Statutory exclusions apply to specified items and uses; special rules govern staged receipts, job-worker consignments, new registrations, migration from composition, capital goods adjustments, apportionment between taxable/exempt uses, utilisation order of electronic credit ledger, and transfer of ITC on business restructurings.
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