Input Tax Credit is the credit of GST paid on the purchase of goods or services. It is utilized to pay GST on the sale of goods or services. In order to be eligible to claim Input Tax Credit one must be registered under GST.
The taxpayer can claim the Input tax credit of GST if he fulfills the following conditions:
The taxpayer cannot claim Input credit for any tax invoice pertaining to a financial year after:
Input Tax Credit is ineligible and the taxpayer cannot claim it under the following situations:
A taxpayer who has not availed the eligible ITC of any of the previous months, may avail such ITC in any of the subsequent months, but anytime either before the filing of the annual return or filing of the GST Returns for September belonging to subsequent financial year, whichever is earlier.
Yes, you can avail the ITC of RCM in the same month after making the Cash payment of Tax Under RCM.
Input tax credit cannot be taken on purchase invoices which are more than one year old. Period is calculated from the date of the tax invoice.