https://www.taxtmi.com/article/detailed?id=7750 Input tax credit under GST allows a registered person to claim credit of tax paid on supplies used in the course of business, including IGST on imports and reverse charge taxes, credited to an electronic credit ledger. Credit utilisation follows a prescribed hierarchy among IGST, CGST, SGST and UTGST and is available only for payment of output tax. Claiming ITC requires prescribed tax documents, receipt of supplies, actual payment of tax by the supplier or through credit, timely filing of returns, and exclusion where depreciation on the tax component has been claimed under income tax. en-us Sat, 02 Dec 2017 10:05:32 +0530 Sat, 02 Dec 2017 10:05:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7750 Input tax credit under GST allows a registered person to claim credit of tax paid on supplies used in the course of business, including IGST on imports and reverse charge taxes, credited to an electronic credit ledger. Credit utilisation follows a prescribed hierarchy among IGST, CGST, SGST and UTGST and is available only for payment of output tax. Claiming ITC requires prescribed tax documents, receipt of supplies, actual payment of tax by the supplier or through credit, timely filing of returns, and exclusion where depreciation on the tax component has been claimed under income tax. Articles Goods and Services Tax - GST Sat, 02 Dec 2017 10:05:32 +0530 https://www.taxtmi.com/article/detailed?id=7750