Input Tax Credit
Input Tax Credit– While paying tax on output, we can reduce tax if we havepaid on inputs and just pay the balance amount.
Can be claimed by everyone registered under GST only if he/she/his/her
a. is in possession of tax invoice
b. goods/services have been received
c. Returns have been filed.
d. tax charged has been paid to the government.
e. When goods are received in instalments – only when the last lot is received.
If registered under composition scheme in GST thenineligibleto claim ITC.