https://www.taxtmi.com/article/detailed?id=8573 Entitlement to input tax credit is conditioned on payment of the supplier's consideration, which may be provisionally credited to the electronic credit ledger but will be reversed if payment is not made within the statutory period. Payment encompasses transfers of assets that discharge obligations, including reduction of book debts or set-off, and the statutory definition of consideration covers payments in money or otherwise; consequently, book adjustment/set-off is a valid mode of payment for claiming input tax credit absent an express legal restriction. en-us Mon, 01 Jul 2019 07:22:43 +0530 Mon, 01 Jul 2019 07:22:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8573 Entitlement to input tax credit is conditioned on payment of the supplier's consideration, which may be provisionally credited to the electronic credit ledger but will be reversed if payment is not made within the statutory period. Payment encompasses transfers of assets that discharge obligations, including reduction of book debts or set-off, and the statutory definition of consideration covers payments in money or otherwise; consequently, book adjustment/set-off is a valid mode of payment for claiming input tax credit absent an express legal restriction. Articles Goods and Services Tax - GST Mon, 01 Jul 2019 07:22:43 +0530 https://www.taxtmi.com/article/detailed?id=8573