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What are the conditions under which Input tax credit can be claimed?
The following requisites are mandatory for claiming the input tax credit under the GST:
The Individual must be registered under the GST law.
A tax invoice or the debit note that is issued by the registered supplier showing the tax amount.
The goods or the service should be received.
The supplier should file the returns and pay the tax there on to the government.
Where the goods are received in parts or installments, the input tax credit may be claimed on the receipt of the last lot or the installment.
Where the input tax credit is included in the cost of the capital goods and the depreciation on the tax is claimed, no input tax credit is allowed.
The input tax credit will not be allowed if the same is not claimed within the prescribed time.
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