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Rule 16 with rule 37 itc

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(Querist)
06 January 2024 Sir,
Input credit limitation rule 16 along with rule 37 in cgst act
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RAJA P M

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RAJA P M (Expert)
06 January 2024 Ask Your query with clear details
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
14 January 2024 As per Section 16(2) of the CGST Act, 2017, a registered taxpayer can claim an input tax credit (ITC) on the goods and/or services received from the supplier. This is subject to the condition that the taxpayer has paid for the goods and/or services and the tax payable on them within 180 days of the issue of the invoice. However, in case of non-payment within 180 days, the ITC claim will be reversed per Rule 37 of GST.
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