there is a condition.
ITC to be availed within 1 year from the date of issue of tax invoice by the supplier.
that means credit in respect of capital goods also will be availed only within 1 year
but they gave ITC shall be reduced by 5 percent per quarter.
that means it can be availed even after a year.
there is a clash between these two.
please provide an answer.
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Input Tax Credit
Replies (3)
as per section 18 read with rule 40. when person become eligible to claim ITC he have to gave all details regarding its capital goods and inputs.
I think this rule make eligible to claim ITC on capital goods even after 1 year condition. and that's why they can claim only after reducing given % per quarter.
I think this rule make eligible to claim ITC on capital goods even after 1 year condition. and that's why they can claim only after reducing given % per quarter.
thanks for telling
I just explain what I understood from provision only. Other one may have different ans.
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