Input tax Credit (ITC) - Part 1

#lecture_32


¶ Input tax credit
  • input tax (section 2(62))
  • meaning of input tax credit (section 2(63))
  • example of ITC

¶ Eligibility And conditions for taking input tax credit (section 16)

i) Eligibility for taking input tax credit (section 16(1))
   • Registered person
   • supply used in business
   • credit Availment through electronic credit ledger

ii) conditions for availing input tax credit (section 16(2))
   • Possession of tax paying documents
   • receipt of supply by recipient
   • payment of tax to the government
   • furnishing of the return
   • on receipt of last lot of the inputs
   • payment to supplier within 180 days
   • recipient shall be entitled to avail of the credit of input tax which is reversed
   • No depreciation


¶ Documents required to claim ITC (section 16(3))
   • Invoice by supplier
   • Invoice by recipient
   • Debit note
   • other taxpaying documents











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#Input_tax_credit
#what_is_ITC
#input_tax
#credit
#eligibility_for_input_tax_credit
#conditions_for_Itc
#documents_to_claim_Itc
#gst
#bcom_5th_sem
#bcom_bba_mcom_mba
#ca_cma_cs
#hindi
#net_jrf