Input Tax Credit rules: eligibility on stock and capital goods subject to declaration, verification and quarterly reduction. Availability of Input Tax Credit under section 18(1) (with section 18(2) time bar) and Rule 40 allows ITC on inputs, inputs contained in stock and capital goods when liability or registration events occur (mandatory or voluntary registration, switch from composition, or exempt supplies becoming taxable), subject to FORM GST ITC 01 declaration within 30 days (extension possible), CA/cost accountant certification above a monetary threshold, verification against suppliers' GSTR returns, and a quarterly 5 percentage point reduction for capital goods.
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Input Tax Credit rules: eligibility on stock and capital goods subject to declaration, verification and quarterly reduction.
Availability of Input Tax Credit under section 18(1) (with section 18(2) time bar) and Rule 40 allows ITC on inputs, inputs contained in stock and capital goods when liability or registration events occur (mandatory or voluntary registration, switch from composition, or exempt supplies becoming taxable), subject to FORM GST ITC 01 declaration within 30 days (extension possible), CA/cost accountant certification above a monetary threshold, verification against suppliers' GSTR returns, and a quarterly 5 percentage point reduction for capital goods.
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