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Section 16: Eligibility and conditions for taking input tax credit

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 10-5-2017 Last Replied Date:- 11-5-2017 - The new provision reads as follows: (1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed and within the time and manner specified in section 44, be entitled to take credit of input tax charged on any supply of goods or services to him which are used or intended to be used in the course or furtherance of his business and the said amount shall .....

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eding the year referred to in clause (a) in which the said goods are received, and (c) the balance of the amount of credit in any subsequent financial year. (2) Notwithstanding anything contained in this section, but subject to the provisions of section 36, no registered taxable person shall be entitled to the credit of any input tax in respect of any supply of goods and/or services to him unless,- (a) he is in possession of a tax invoice or debit note issued by a supplier registered under this .....

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be entitled to take credit upon receipt of the last lot or installment: PROVIDED FURTHER that where a recipient fails to pay to the supplier of services, the amount towards the value of supply of services along with tax payable thereon within a period of three months from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in the manner as may be prescribed. Explan .....

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rovisions of the Income Tax Act, 1961(43 of 1961), the input tax credit shall not be allowed on the said tax component. (4) A taxable person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services after furnishing of the return under section 34 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is e .....

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