https://www.taxtmi.com/article/detailed?id=7417 Input tax credit is available to a registered person only upon possession of prescribed documents, receipt of goods or services, payment of tax to government, and filing of returns; credits on installments become available on receipt of the final lot. Credits on capital goods are conditioned by depreciation claims and adjusted on switching to composition or on disposal. Credits are restricted to business and taxable supplies; specified supplies and personal use are blocked. Special provisions govern transitional claims, transfer of unutilised credit on change of constitution, job work return periods, ISD distribution mechanics, and recovery with interest for excess or untimely claimed credits. en-us Wed, 17 May 2017 07:15:14 +0530 Wed, 17 May 2017 07:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7417 Input tax credit is available to a registered person only upon possession of prescribed documents, receipt of goods or services, payment of tax to government, and filing of returns; credits on installments become available on receipt of the final lot. Credits on capital goods are conditioned by depreciation claims and adjusted on switching to composition or on disposal. Credits are restricted to business and taxable supplies; specified supplies and personal use are blocked. Special provisions govern transitional claims, transfer of unutilised credit on change of constitution, job work return periods, ISD distribution mechanics, and recovery with interest for excess or untimely claimed credits. Articles Goods and Services Tax - GST Wed, 17 May 2017 07:15:14 +0530 https://www.taxtmi.com/article/detailed?id=7417