Updates

Rule 44. Manner of reversal of credit under special circumstances.- (1) The amount of input tax credit relating to inputs held in stock, inputs contained in semi-finished and finished goods held in stock, and capital goods held in stock shall, for the purposes of sub-section (4) of section 18 or sub-section (5) of section 29 , be determined in the […]

Rule 43. Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases.- (1) Subject to the provisions of sub-section (3) of section 16 , the input tax credit in respect of capital goods, which attract the provisions of sub-sections (1) and (2) of section 17 , being partly used for the purposes […]

Rule 42. Manner of determination of input tax credit in respect of inputs or input services and reversal thereof. – (1) The input tax credit in respect of inputs or input services, which attract the provisions of sub-section (1) or sub-section(2) of section 17 , being partly used for the purposes of business and partly for other purposes, […]

1 [Rule 41A. Transfer of credit on obtaining separate registration for multiple places of business within a State or Union territory.- (1) A registered person who has obtained separate registration for multiple places of business in accordance with the provisions of rule 11 and who intends to transfer, either wholly or partly, the unutilised input tax credit lying in his electronic […]

Rule 41. Transfer of credit on sale, merger, amalgamation, lease or transfer of a business.-   (1) A registered person shall, in the event of sale, merger, de-merger , amalgamation, lease or transfer or change in the ownership of business for any reason, furnish the details of sale, merger, de-merger, amalgamation, lease or transfer of business, in FORM GST […]

Rule 40. Manner of claiming credit in special circumstances.-   (1) The input tax credit claimed in accordance with the provisions of sub-section (1) of section 18 on the inputs held in stock or inputs contained in semi-finished or finished goods held in stock, or the credit claimed on capital goods in accordance with the provisions of clauses […]

Rule 39. Procedure for distribution of input tax credit by Input Service Distributor.-   (1) An Input Service Distributor shall distribute input tax credit in the manner and subject to the following conditions, namely,- (a) the input tax credit available for distribution in a month shall be distributed in the same month and the details thereof shall be furnished […]

Rule 38. Claim of credit by a banking company or a financial institution.- A banking company or a financial institution, including a non-banking financial company, engaged in the supply of services by way of accepting deposits or extending loans or advances that chooses not to comply with the provisions of sub-section (2) of section 17 , in accordance […]

Rule 37. Reversal of input tax credit in the case of non-payment of consideration.-   (1) A registered person, who has availed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof, the value of such supply along with the tax payable thereon, within […]

CHAPTER V INPUT TAX CREDIT   Rule 36. Documentary requirements and conditions for claiming input tax credit.-   (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely,- (a) an invoice issued by the supplier of goods or services or […]