Sec 41 – Claim of input tax credit and provisional acceptance thereof

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Sec 41 – Claim of input tax credit and provisional acceptance thereof 2017-04-14T14:50:13+00:00

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  • Ashish BadalaCA Ashish Badala
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    #1487 |

    (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited on a provisional basis to his electronic credit ledger.
    (2) The credit referred to in sub-section (1) shall be utilised only for payment of self- assessed output tax as per the return referred to in the said sub-section.

    Priya MadrechaPriya Madrecha
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    41.1  Introduction
    This Section relates to claim of input tax credit and its provisional acceptance.
    41.2  Analysis
    All registered person shall be eligible to avail eligible input tax credit on self-assessment basis.
    Such amount shall be credited to his electronic credit ledger
    This self assessed input tax credit shall be utilised only for payment of self-assessed output tax.

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