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READING DOWN MODEL IGST ACT (PART-9)(INPUT TAX CREDIT)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 30-7-2016 - Chapter VI of Model IGST Act provides for claim of input credit and its provisional acceptance, matching, reversal and reclaim (section 8); and transfer of input tax credit .....

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ed in this behalf, be entitled to take credit of input tax, as self-assessed, in his return and such amount shall be credited, on a provisional basis, to his electronic credit ledger to be maintained in the manner as may be prescribed. It is proposed .....

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per the return filed by such taxable person Such credit will be allowed (amount credited) in his electronic credit ledger maintained Allowability of credit shall be subject to such conditions, restrictions and manner to be prescribed later. It may be .....

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ing, reversal and reclaims of input tax credit. It prescribes manner of matching / reconciliation and time lines for this purpose. Those provisions shall apply mutatis mutandis to IGST also. Transfer of Credit (Section 9) The input Tax credit availed .....

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vernment shall transfer an amount equal to the amount so reduced from the IGST account to the CGST account in the manner and time as may be prescribed. The Rules will provide for manner and time lines. On utilization of input tax credit for payment o .....

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