Understand your ITC before adjustment
Understand your ITC before adjustment Input Tax Credit under CGST/SGST | Section 16 to 21 | Rules 36 to 45 ITC cannot be adjusted to payoff liability under reverse charge 9(3) or 9(4) RCM paid on the GTA services can be claimed. Export of goods and services are not exempted – we can avail ITC. Reversal of ITC where payment is not made within 180 days from the date of invoice. Never Avail ITC on supplies specifically blocked u/s 17. Never Avail credit when the same is restricted by rate notification. Never Avail ITC merely on receipt of invoice without actual receipt of goods/services Reverse proportionate ITC in respect of exempted supplies, non-business purpose use Avail ITC on bank charges Reverse of ITC in respect of goods lost, stolen, destroyed, written off or distributed as gifts/free samples.