Ch 5 · GST — Input Tax Credit (Sec 16-18)

5 concept points · 2 formulas · 4 exam-critical points.

📘 Core concepts

• 1ITC eligibility: registered, possession of tax invoice, receipt of goods/services, supplier paid tax & filed return, recipient filed return.
• 2Time limit: ITC must be claimed by 30th Nov of next FY or annual return filing — whichever earlier.
• 3Blocked credits (Sec 17(5)): motor vehicles (with exceptions), food, club membership, personal use.
• 4Apportionment (Sec 17): partly used for business/personal or taxable/exempt — pro-rata.
• 5ITC reversal: non-payment to supplier within 180 days (with re-availment on payment).