Gst input tax credit

INPUT TAX CREDIT : The term Input Tax Credit has been defined under Section 2 clause (63) of the CGST Act 2017 as : "input tax credit" means the credit of input tax."

INPUT TAX CREDIT "CLAIMED" : Input Tax Credit Claimed means that you are claiming the Tax ( say GST ) paid on purchase of Inputs ( Raw Materials, etc ), Input Services and Capital Goods. The Provisions and Conditions to claim and utilise ITC is governed under Chapter V of the CGST Act 2017 i.e. "INPUT TAX CREDIT" containing Six Sections ( SECTION 16 to SECTION 21 ). Section 16 sub-section (2) of the CGST Act 2017 provides "FOUR CONDITIONS" which needs to be satisfied for claiming Input Tax Credit ( ITC ).

INPUT TAX CREDIT "UTILISED" : Input Tax Credit Utilised means that you are utilising the credit available in your Electronic-Credit Ledger to set-off Output Tax, etc. Section 49, Section 49A, Section 49B governs the Utilisation and Order of Utilisation of ITC.

Yes agree with Mr. Shivam RC