Input Tax Credit under GST – Detailed Analysis

• November 26, 2019
• CA Chandan Agarwal's Office

Input Tax Credit is one of the Key Features of the GST. Input Tax Credit is available on each supply made under GST subject to conditions prescribed. It is a very important topic for the registered person to understand how he can claim input tax credit, when he can claim, which he cannot claim etc.. The wrong claim of input tax credit may attract penal tax, interest and penalty.

Article explains What is Input Tax Credit, Eligibility and condition for taking input tax credit, Time period to avail Input Tax Credit Section 16 (4), When Input Tax Credit shall not be eligible, Reversal of Input Tax Credit under GST,
Availability of Input Tax credit under GST in special circumstances, New Rule 36 (4) effecting from 09-10-2019 restriction on input tax credit against which tax invoices not uploaded by the suppliers and Circulars issued in regard to Input Tax Credit.

Read more on: https://taxguru.in/goods-and-service-tax/input-tax-credit-gst-detailed-analysis.html