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Input Tax Credit (ITC) under GST

  1. SGST, CGST and IGST – How ITC allowed
  2. Persons allowed to take Input Tax Credit
  3. Persons NOT allowed to take Input Tax Credit
  4. Time limit for taking ITC
  5. Conditions for taking ITC
  6. Input Tax Credit shall not be available for
  7. ITC for GST paid on reverse charge
  8. ITC on Capital Goods and Reversal on its sale
  9. Reversal of Input Tax Credit
  10. ITC in respect of inputs sent for job work
  11. Manner of distribution of credit by Input Service Distributor

SGST, CGST and IGST – How ITC allowed

Amount of Input Tax Credit on account of IGST shall first be utilized for the payment of IGST then for payment of CGST and then for payment of SGST.

Amount of Input Tax Credit on account of CGST shall first be utilized for the payment of CGST then for payment of IGST. Such amount can not be used for payment of SGST.

Amount of Input Tax Credit on account of SGST shall first be utilized for the payment of SGST then for payment of IGST. Such amount can not be used for payment of CGST.

For Example – A taxable person has following figures for a month

IGST Payable – Rs. 10,000
CGST Payable – Rs. 10,000
SGST Payable – Rs. 10,000

IGST IIC Available – Rs. 5000
CGST IIC Available – Rs. 5000
SGST IIC Available – Rs. 5000

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