https://www.taxtmi.com/acts?id=29091 Every registered person may claim input tax credit for supplies used in business if they possess a tax invoice or prescribed document from a registered supplier, have received the goods or services (including deemed receipt rules), the tax on the supply has been paid to Government (in cash or by allowable credit), and the return under section 39 has been furnished. Credit for goods received in instalments is available only after the last instalment. Failure to pay the supplier within the prescribed period triggers addition of availed credit to output tax liability with interest, though the credit can be reclaimed upon payment. Depreciation claimed on the tax component of capital goods disallows credit. Time limits apply for claiming credit. en-us Mon, 03 Jul 2017 12:34:51 +0530 Thu, 20 Jul 2017 14:19:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=29091 Every registered person may claim input tax credit for supplies used in business if they possess a tax invoice or prescribed document from a registered supplier, have received the goods or services (including deemed receipt rules), the tax on the supply has been paid to Government (in cash or by allowable credit), and the return under section 39 has been furnished. Credit for goods received in instalments is available only after the last instalment. Failure to pay the supplier within the prescribed period triggers addition of availed credit to output tax liability with interest, though the credit can be reclaimed upon payment. Depreciation claimed on the tax component of capital goods disallows credit. Time limits apply for claiming credit. Act-Rules GST - States Mon, 03 Jul 2017 12:34:51 +0530 https://www.taxtmi.com/acts?id=29091