https://www.taxtmi.com/acts?id=30186 Every registered person may claim input tax credit for tax on supplies used in business subject to conditions: possession of a tax invoice or prescribed document, receipt of goods or services (including deemed receipt), actual payment of tax to the Government in cash or by using admissible credit, and furnishing the statutory return. Credit for goods received in installments is allowed on receipt of the last installment. Credit is disallowed where depreciation was claimed on the tax component of capital goods, and claims are time-barred after the statutory return deadline. Failure by a recipient to pay the supplier within the prescribed period requires reversal of the input tax credit with interest, though credit may be restored upon payment. en-us Sat, 08 Jul 2017 17:37:47 +0530 Tue, 18 Jul 2017 12:30:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30186 Every registered person may claim input tax credit for tax on supplies used in business subject to conditions: possession of a tax invoice or prescribed document, receipt of goods or services (including deemed receipt), actual payment of tax to the Government in cash or by using admissible credit, and furnishing the statutory return. Credit for goods received in installments is allowed on receipt of the last installment. Credit is disallowed where depreciation was claimed on the tax component of capital goods, and claims are time-barred after the statutory return deadline. Failure by a recipient to pay the supplier within the prescribed period requires reversal of the input tax credit with interest, though credit may be restored upon payment. Act-Rules GST - States Sat, 08 Jul 2017 17:37:47 +0530 https://www.taxtmi.com/acts?id=30186