https://www.taxtmi.com/acts?id=30359 Eligibility for input tax credit is limited to registered persons using supplies for business and requires possession of a tax invoice or prescribed document, receipt of goods or services (including deemed receipt on direction), actual payment of tax to the government (in cash or by admissible credit), and filing of the prescribed return. Credit is available on receipt of final installment for lot deliveries; must be reversed with interest if the recipient fails to pay the supplier within the stipulated period, but restored on payment; is disallowed where depreciation was claimed on the tax component of capital goods; and is subject to a time limit after the financial year tied to return filing. en-us Mon, 10 Jul 2017 14:26:56 +0530 Thu, 17 Aug 2017 17:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30359 Eligibility for input tax credit is limited to registered persons using supplies for business and requires possession of a tax invoice or prescribed document, receipt of goods or services (including deemed receipt on direction), actual payment of tax to the government (in cash or by admissible credit), and filing of the prescribed return. Credit is available on receipt of final installment for lot deliveries; must be reversed with interest if the recipient fails to pay the supplier within the stipulated period, but restored on payment; is disallowed where depreciation was claimed on the tax component of capital goods; and is subject to a time limit after the financial year tied to return filing. Act-Rules GST - States Mon, 10 Jul 2017 14:26:56 +0530 https://www.taxtmi.com/acts?id=30359