https://www.taxtmi.com/acts?id=28652 Section 16 entitles a registered person to take input tax credit for supplies used in business, subject to conditions: possession of a tax invoice or prescribed document from a registered supplier, receipt of the goods or services (with deemed receipt rules), payment of the tax to Government in cash or by admissible credit, and filing the statutory return. Credit for goods received in instalments is available upon receipt of the last instalment. Failure to pay the supplier within the prescribed period triggers addition of equivalent input tax credit to output liability with interest; credit is disallowed where depreciation was claimed on the tax component, and time limits apply for claiming credit. en-us Fri, 30 Jun 2017 14:04:42 +0530 Wed, 19 Jul 2017 11:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=28652 Section 16 entitles a registered person to take input tax credit for supplies used in business, subject to conditions: possession of a tax invoice or prescribed document from a registered supplier, receipt of the goods or services (with deemed receipt rules), payment of the tax to Government in cash or by admissible credit, and filing the statutory return. Credit for goods received in instalments is available upon receipt of the last instalment. Failure to pay the supplier within the prescribed period triggers addition of equivalent input tax credit to output liability with interest; credit is disallowed where depreciation was claimed on the tax component, and time limits apply for claiming credit. Act-Rules GST - States Fri, 30 Jun 2017 14:04:42 +0530 https://www.taxtmi.com/acts?id=28652