13 Claim of input tax credit, provisional acceptance, matching, reversal and reclaim of input tax credit or reduction in output tax liability – Model IGST Law [ Nov 2016]

By | March 14, 2017
(Last Updated On: March 14, 2017)

Model IGST Law [ Nov 2016]

THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 

Section 13 Model IGST Law [ Nov 2016]

CHAPTER– VI

INPUT TAX CREDIT 

  1. Claim of input tax credit, provisional acceptance, matching, reversal and reclaim of input tax credit or reduction in output tax liability

(1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed in this behalf, be entitled to take credit of input tax, as self-assessed, in his return and such amount shall be credited, on a provisional basis, to his electronic credit ledger to be maintained in the manner as may be prescribed.

(2) The credit referred to in sub-section (1) shall be utilized only for payment of self-assessed output tax liability as per the return referred to in sub-section (1).

(3) The provisions of section 37 and 38 of the CGST Act, 2016 relating to matching, reversal and reclaim of input tax credit or reduction in output tax liability shall apply mutatis mutandis to the matching, reversal and reclaim of input tax credit or reduction in output tax liability under this section.

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