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of <h1>Understand Input Tax Credit Eligibility and Conditions Under GST Sections 16 and 41: Key Insights for Businesses.</h1> Section 16 of the GST Ready Reckoner outlines the eligibility and conditions for availing input tax credit. A registered person can claim input tax credit on goods or services used in business if they possess a tax invoice, have received the goods or services, and the tax has been paid to the government. Additional conditions include filing returns under Section 39 and restrictions on claiming depreciation. Section 41 allows registered persons to self-assess and avail eligible input tax credits, which are credited to their electronic ledger. If the supplier fails to pay the tax, the credit must be reversed, but it can be re-availed once the supplier makes the payment.
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