9911796707
TMI BlogEligibility and conditions for taking input tax credit.X X X X Extracts X X X X X X X X Extracts X X X X ..... e credit of any input tax in respect of any supply of goods or services or both to him unless, (a) he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed; 5 [ (aa) the details of the invoice or debit note referred to in clause (a) has been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37; ] (b) he has received the goods or services or both. 1 [ Explanation.-For the purposes of this clause, it shall be deemed that the registered person has received the goods or, as the case may be, services (i) where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 50 ] , in such manner as may be prescribed: Provided also that the recipient shall be entitled to avail of the credit of input tax on payment made by him 10 [ to the supplier ] of the amount towards the value of supply of goods or services or both along with tax payable thereon. (3) Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961 (43 of 1961), the input tax credit on the said tax component shall not be allowed. (4) A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the 8 [ thirtieth day of November ] followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not restricted under sub-section (4) on the date of order of cancellation of registration, the said person shall be entitled to take the input tax credit in respect of such invoice or debit note for supply of goods or services or both, in a return under section 39, (i) filed up to thirtieth day of November following the financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier; or (ii) for the period from the date of cancellation of registration or the effective date of cancellation of registration, as the case may be, till the date of order of revocation of cancellation of registration, where such return is filed within thirty days from the date of order of revocation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
