https://www.taxtmi.com/acts?id=26939 Input tax credit is available to registered persons for tax on supplies used in business, provided they hold a tax invoice or prescribed document, have received the goods or services, the tax has been actually paid to the Government (cash or by credit utilisation), and the statutory return has been furnished. Credit on instalment deliveries is allowed after the last instalment. Failure to pay the supplier within the prescribed period (excluding reverse charge supplies) triggers addition of the credit to output liability with interest, though payment restores the credit. Credit is disallowed where depreciation was claimed on the tax component, and claims are time barred after the due return for the September month following the financial year or the annual return, whichever is earlier. en-us Thu, 22 Jun 2017 14:12:09 +0530 Tue, 25 Jul 2017 18:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=26939 Input tax credit is available to registered persons for tax on supplies used in business, provided they hold a tax invoice or prescribed document, have received the goods or services, the tax has been actually paid to the Government (cash or by credit utilisation), and the statutory return has been furnished. Credit on instalment deliveries is allowed after the last instalment. Failure to pay the supplier within the prescribed period (excluding reverse charge supplies) triggers addition of the credit to output liability with interest, though payment restores the credit. Credit is disallowed where depreciation was claimed on the tax component, and claims are time barred after the due return for the September month following the financial year or the annual return, whichever is earlier. Act-Rules GST - States Thu, 22 Jun 2017 14:12:09 +0530 https://www.taxtmi.com/acts?id=26939