https://www.taxtmi.com/manuals?id=2450 Input tax credit under GST permits set-off of tax paid at earlier stages to avoid cascading, subject to a priority order of utilisation among CGST, SGST/UTGST and IGST and a prohibition on using CGST credit for SGST/UTGST and vice versa. Registered persons may claim ITC only upon possession of prescribed documents, receipt of goods or services, tax payment by the supplier and filing returns, with special rules for lot-wise receipt, payment within a specified period to retain credit, and defined documentary bases. Specified supplies and circumstances disqualify ITC, while special transition and adjustment rules address registration changes, migration from composition, and capital goods disposals. en-us Tue, 07 Mar 2023 03:33:00 +0530 Tue, 07 Mar 2023 03:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=2450 Input tax credit under GST permits set-off of tax paid at earlier stages to avoid cascading, subject to a priority order of utilisation among CGST, SGST/UTGST and IGST and a prohibition on using CGST credit for SGST/UTGST and vice versa. Registered persons may claim ITC only upon possession of prescribed documents, receipt of goods or services, tax payment by the supplier and filing returns, with special rules for lot-wise receipt, payment within a specified period to retain credit, and defined documentary bases. Specified supplies and circumstances disqualify ITC, while special transition and adjustment rules address registration changes, migration from composition, and capital goods disposals. Manuals GST Tue, 07 Mar 2023 03:33:00 +0530 https://www.taxtmi.com/manuals?id=2450