Rule 16 with rule 37 itc
This query is : Resolved
06 January 2024
Sir,
Input credit limitation rule 16 along with rule 37 in cgst act
Input credit limitation rule 16 along with rule 37 in cgst act
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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