Input Tax Credit in GST depends on invoice matching, eligibility conditions, blocked credits, reversal rules, and filing deadlines.
Input Tax Credit under GST allows a registered business to reduce output tax by the tax already paid on business purchases, so only the value added is taxed. The claim depends on invoice matching through the GST portal, reflection in GSTR-2B, and reporting in GSTR-3B after verification of supplier data and receipt of goods or services. Eligibility, blocked credits, reversal rules, reconciliation, filing deadlines, e-invoicing, capital goods treatment, and composition scheme restrictions are also explained. (AI Summary)