https://www.taxtmi.com/article/detailed?id=7058 Input tax credit is available to a registered taxable person for taxes charged on supplies used in the course or furtherance of business, subject to possession of prescribed tax documents, receipt of goods or services, actual payment of the tax to government, and filing of the relevant return. Credit is provisionally self-assessed and recorded in the electronic credit ledger, and is finally accepted only after matching recipients' inward supplies with suppliers' outward supplies; unresolved discrepancies convert excess claims into output tax liability with interest. Certain supplies and uses are blocked or restricted from credit. en-us Thu, 03 Nov 2016 08:40:59 +0530 Thu, 03 Nov 2016 08:40:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7058 Input tax credit is available to a registered taxable person for taxes charged on supplies used in the course or furtherance of business, subject to possession of prescribed tax documents, receipt of goods or services, actual payment of the tax to government, and filing of the relevant return. Credit is provisionally self-assessed and recorded in the electronic credit ledger, and is finally accepted only after matching recipients' inward supplies with suppliers' outward supplies; unresolved discrepancies convert excess claims into output tax liability with interest. Certain supplies and uses are blocked or restricted from credit. Articles Goods and Services Tax - GST Thu, 03 Nov 2016 08:40:59 +0530 https://www.taxtmi.com/article/detailed?id=7058