Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 30-7-2016 – Chapter VI of Model IGST Act provides for claim of input credit and its provisional acceptance, matching, reversal and reclaim (section 8); and transfer of input tax credit (section 9) Manner of utilization of input tax credit is provided in section 7 of the Model IGST Act (Refer part 8 of this series). Claim of Credit 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. It is propose
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hing, reversal and reclaims of input tax credit. It prescribes manner of matching / reconciliation and time lines for this purpose. Those provisions shall apply mutatis mutandis to IGST also. Transfer of Credit (Section 9) The input Tax credit availed can be utilized only as provided in section 7(5) of this Act (Refer Part 8 of this series of articles). Once credit is utilized as such, the amount collected as IGST shall stand reduced by an amount equal to the credit so utilized and the Central Government shall transfer an amount equal to the amount so reduced from the IGST account to the CGST account in the manner and time as may be prescribed. The Rules will provide for manner and time lines. On utilization of input tax credit for payment
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