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Conditions for Availment of ITC by a Registered Taxable Person – Sec 16

Conditions for Availment of ITC by a Registered Taxable Person – Sec 16

  • Note:
  • Credit only upon receipt of the last lot/ instalment in case of goods received in lots / instalments.
  • Goods deemed to be received by a taxable person when the supplier delivers the goods to the recipient/ any other person, on the direction provided by the taxable person to the supplier.
  • Exception in case of goods being directly sent to job worker
  • If the recipient of services fails to pay (value + tax) within 180 days from date of invoice, (ITC availed + interest @ 18%) shall be added to his output tax liability. ITC available when amount discharged later
GST-Goods and Service Tax | Tina Saha |