https://www.taxtmi.com/acts?id=29412 Input tax credit is available to registered persons for supplies used in business only where the claimant holds a tax invoice or prescribed document, has received the goods or services (including deemed receipt), the tax on the supply has been paid to Government (in cash or through admissible credit), and the claimant has furnished the statutory return; goods received in instalments permit credit on final receipt. Failure by the recipient to pay the supplier within the prescribed period requires reversal of the credit with interest, subject to re availment on payment. Credit is barred if depreciation was claimed on the tax component of capital goods, and claims are time barred by the September return of the following financial year or the annual return, whichever is earlier. en-us Tue, 04 Jul 2017 15:00:03 +0530 Thu, 27 Jul 2017 16:31:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=29412 Input tax credit is available to registered persons for supplies used in business only where the claimant holds a tax invoice or prescribed document, has received the goods or services (including deemed receipt), the tax on the supply has been paid to Government (in cash or through admissible credit), and the claimant has furnished the statutory return; goods received in instalments permit credit on final receipt. Failure by the recipient to pay the supplier within the prescribed period requires reversal of the credit with interest, subject to re availment on payment. Credit is barred if depreciation was claimed on the tax component of capital goods, and claims are time barred by the September return of the following financial year or the annual return, whichever is earlier. Act-Rules GST - States Tue, 04 Jul 2017 15:00:03 +0530 https://www.taxtmi.com/acts?id=29412