may be prescribed and in the manner specified in section 49, be entitled to take credit of input
\n<\/strong>tax charged on any supply of goods or services or both to him which are used or intended to
\nbe used in the course or furtherance of his business and the said amount shall be credited to
\nthe electronic credit ledger of such person.
\n(2) Notwithstanding anything contained in this section, no registered person shall be
\nentitled to the credit of any input tax in respect of any supply of goods or services or both to
\nhim unless,\u2013\u2013
\n(a) he is in possession of a tax invoice or debit note issued by a supplier registered
\nunder this Act, or such other tax paying documents as may be prescribed;
\n(b) he has received the goods or services or both.
\nExplanation.\u2014For the purposes of this clause, it shall be deemed that the
\nregistered person has received the goods where the goods are delivered by the supplier
\nto a recipient or any other person on the direction of such registered person, whether
\nacting as an agent or otherwise, before or during movement of goods, either by way of
\ntransfer of documents of title to goods or otherwise;
\n(c) subject to the provisions of section 41, the tax charged in respect of such
\nsupply has been actually paid to the Government, either in cash or through utilisation
\nof input tax credit admissible in respect of the said supply; and
\n(d) he has furnished the return under section 39:
\nProvided that where the goods against an invoice are received in lots or
\ninstalments, the registered person shall be entitled to take credit upon receipt of the
\nlast lot or instalment:
\nProvided further that where a recipient fails to pay to the supplier of goods or
\nservices or both, other than the supplies on which tax is payable on reverse charge
\nbasis, the amount towards the value of supply along with tax payable thereon within aperiod of one hundred and eighty days from the date of issue of invoice by the
\nsupplier, an amount equal to the input tax credit availed by the recipient shall be added
\nto his output tax liability, along with interest thereon, in such manner as may be
\nprescribed:
\nProvided also that the recipient shall be entitled to avail of the credit of input tax
\non payment made by him of the amount towards the value of supply of goods or
\nservices or both along with tax payable thereon.
\n(3) Where the registered person has claimed depreciation on the tax component of the
\ncost of capital goods and plant and machinery under the provisions of the Income-tax
\nAct, 1961, the input tax credit on the said tax component shall not be allowed.
\n(4) A registered person shall not be entitled to take input tax credit in respect of any
\ninvoice or debit note for supply of goods or services or both after the due date of furnishing
\nof the return under section 39 for the month of September following the end of financial year
\nto which such invoice or invoice relating to such debit note pertains or furnishing of the
\nrelevant annual return, whichever is earlier.<\/li>\n<\/ol>\n <\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Section 16 – Eligibility and conditions for taking input tax credit of CGST ACT, 2017 (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or … Continue reading “Section 16 – Eligibility and conditions for taking input tax credit of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/138"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=138"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/138\/revisions"}],"predecessor-version":[{"id":139,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/138\/revisions\/139"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}