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of <h1>Understanding Input Tax Credit Rules in GST: Conditions, Restrictions, and Special Provisions for Availing Benefits</h1> The Input Tax Credit (ITC) mechanism under the Goods and Services Tax (GST) aims to eliminate the cascading effect of taxes, or 'tax on tax,' by allowing credits for taxes paid at each stage of production and supply. GST consolidates various central and state taxes into a single levy, facilitating seamless credit across the supply chain. ITC can be availed by registered persons for business-related inward supplies, provided certain conditions are met, such as possession of a tax invoice and payment within 180 days. However, ITC is restricted in specific cases, including certain services and goods used for personal consumption. Special provisions allow ITC in scenarios like registration changes or supply status changes.
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