https://www.taxtmi.com/article/detailed?id=7142 Input tax credit is available to a registered taxable person for taxes on supplies used in the course of business, subject to possession of prescribed tax documents, receipt of goods or services (including deemed receipt rules), actual payment of tax to government, and furnishing of returns. Credit for goods received in lots is allowed only upon receipt of the last lot. Credit on certain capital goods fixed to earth is staggered over financial years, depreciation on tax component disallows ITC on that component, and a statutory time bar limits late claims. en-us Wed, 21 Dec 2016 07:23:51 +0530 Wed, 21 Dec 2016 07:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7142 Input tax credit is available to a registered taxable person for taxes on supplies used in the course of business, subject to possession of prescribed tax documents, receipt of goods or services (including deemed receipt rules), actual payment of tax to government, and furnishing of returns. Credit for goods received in lots is allowed only upon receipt of the last lot. Credit on certain capital goods fixed to earth is staggered over financial years, depreciation on tax component disallows ITC on that component, and a statutory time bar limits late claims. Articles Goods and Services Tax - GST Wed, 21 Dec 2016 07:23:51 +0530 https://www.taxtmi.com/article/detailed?id=7142