| Sec 16 – Principle Eligibility & Conditions | ||
| 16(1) | Goods or Services to be used in course or furtherance of Business | |
| 16(2)(a)/R.36 | Possession of Tax Inv/Dr.Note or any other Tax paying Document containing particulars as per R.36 | |
| 16(2) (aa) | Inv./Dr. Note to be furnished in GSTR-1 by the supplier [Rule 36(4)] | |
| 16(2)(b) | Recipient has received Goods or Services | |
| 16(2)(ba) | ITC is not restricted u/s 38 (No Condition/Restricted supplier or class of person has been notified yet w.r.t section 38) | |
| 16(2)(c ) | Subject to Sec 41, tax on such supplies has been actually paid to the govt. | |
| 16(2)(d) | Recipient has furnished return u/s 39 i.e. GSTR- 3B | |
| 1st Proviso to S.16(2) | Goods received in Lots then ITC available on receipt of the last Lot | |
| 2nd Proviso to S.16(2)
3rd Proviso to S.16(2) Rule 37 |
If Recipient fails to pay supplier within 180 days of issue of Invoice, proportionate ITC needs to be reversed along with Interest.
Not Applicable on – RCM Supplies & Supplies without consideration as per Sch I of Act –Value added as per Sec 15(2)(b) i.e. Any amount that supplier is liable to pay but incurred by recipient deemed to have been paid. –Recipient shall be entitled to re-avail the above-mentioned credit on payment of value of supply along with Tax payable thereon |
|
| 16(3) | If depreciation on Tax Component of Capital Goods and P&M is claimed under Income Tac Act (i.e. Tax Component is capitalised), then ITC of such Tax Component is not allowed | |
| 16(4) | ITC of Inv/Dr. Note is not allowed to be taken after 30th Nov of following FY to which Inv/Dr. Note pertains or date of filing annual return, whichever is earlier. | |
| Sec 17 – Apportionment of credit and blocked credits. | ||
| 17(1)/R.42,43 | ITC restricted to business purpose when G&S used partly for business & partly for other purpose | |
| 17(2)/17(3)
R.42-input/ Input Service R.43Cap Goods |
ITC attributable to only to Taxable Supplies (including Zero rated) is allowed, when G&S used partly for effecting Taxable Supplies (including Zero rated) & partly for Exempt Supplies.
Exempt Supplies for this purpose includes RCM Supplies, Transaction in Securities,Sale of Land& Sale of non taxable buildings but does not include Sch III transactions(other than said Land & Building) |
|
| 17(4) | Specifically for Banking Company/FIs/NBFCs – options to comply 17(2) or avail 50% of eligible ITC on monthly basis. Option once exercised cannot be withdrawn during remaining part of FY.
Such 50% ITC restriction is not applicable on Distinct person (Reg, Person having same PAN) |
|
| 17(5) | BLOCKED CREDIT
(a)Motor Vehicles (aa) Vessles & Aircraft (ab) services of general insurance, servicing, repair and maintenance related to (a)& (aa) above (c) Works Contract service for construction of immovable property except where it is an input service for further supply of Works Contract (d) G&S used for Construction of immovable Property (e)G&S from Composition Dealers (f) G&S received by non-resident taxable person expect goods imported (g)G&S used for personal consumption (g)Goods lost, stolen, w/o, gift, free sample (h) any tax paid in accordance with sec 74, 129 and 130 |
|
| Sec 41 – Availing Self Assessed ITC, Reversal on Non payment of Tax by Supplier and Re-availment thereof | ||
| 41 (1) | Avail ITC on Self-Assessment Basis in return(3B) and such ITC will be credited to Elec. Cred Ledger | |
| 41(2) & Proviso | ITC availed above shall be REVERSED along with applicable Interest, in manner prescribed, if Tax on such supply has not been paid by the supplier. Such reversed ITC may be RE-AVAILED in manner prescribed where the said supplier makes payment of tax payable. | |
| Rule 37A | Manner Prescribed for Reversal of ITC on non-payment of Tax by the Supplier and Re-availment thereof as mentioned in Sec 41 | |
| – ITC availed w.r.t Invoice/Dr. Note furnished by supplier in GSTR-1/IFF for a tax period and if GSTR-3B for such tax period has not been filed till 30th Sep following the end of FY in which ITC has been availed, then such ITC shall be reversed till the following 30th Nov without Interest.
– If ITC not reversed till the said 30th Nov then such ITC is payable along with Int u/s 50 – Once the supplier subsequently furnishes GSTR-3B for the said tax period, reversed ITC may be Re-availed in the GSTR-3B of Tax period THEREAFTER. |
||
| Rule 86B | Only 99% of Output Tax liability can be discharged using ITC where the value Taxable supply (excluding Zero-Rated Supply) in a month exceeds fifty lakh rupees . This condition is not applicable in following cases:-
1) Prop., Karta or any of 2 Partners/WTD/Member of Managing Committee have paid Income Tax >1 Lacs in last two FY for which ITR due date has expired 2) Registered Person has received refund > 1lac in preceding FY of accumulated ITC on account of Zero Rated Supply or Inverted Duty Structure 3) Received refund>1lac in preceding FY of accumulated ITC on account of Inverted Duty 4) If cumulative payment through Cash ledger> 1% of Total Output Tax up to that month in FY 5) If RP is Govt Dept, PSU, Local Authority or Statutory Body Commissioner or his auth. Officer may remove said restriction after verification & safeguards |
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