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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 (section 9) Manner of utilization of input tax credit is provided in section 7 of the Model IGST Act (Refer part 8 of this series). Claim of Credit Every registered taxable person shall, subject to such conditions and restrictions as may be prescrib .....

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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 noted that this provision will not entitle any person to take input credit if - he is not registered, or he has not filed his return and not discharged tax liability Application of Provisions of CGST Act Section 29 of the CGST Act provides for match .....

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