Section 41 of GST – Claim of input tax credit and provisional acceptance thereof

Section 41 of GST – Claim of input tax credit and provisional acceptance thereof. Complete Details for GST Section 41, In this section you may find all details for Claim of input tax credit and provisional acceptance thereof as per GST Act 2017Detailed Analysis of GST Section 41 of GST Act 2017 – Claim of input tax credit and provisional acceptance thereof. Everything you want to know about GST all Sections. Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 41 of GST Act 2017 – Claim of input tax credit and provisional acceptance thereof, gst all sections and definitionsNow Check more details from below…..

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Section 41 of GST – Claim of input tax credit and provisional acceptance thereof

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

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

Introduction

This Section relates to claim of input tax credit on self-assessment basis and its provisional acceptance thereof by the revenue.

Analysis

All registered persons shall be eligible to avail eligible input tax credit on self-assessment basis. Amount availed as input tax credit on self-assessment basis, shall be credited to his electronic credit ledger on a provisional basis and it would attain finality only after applying the procedures as prescribed under section 42 and 43 of CGST / SGST Act, 2017.

This self-assessed input tax credit can be utilised for making payment of self-assessed output tax only (other than inward supplies liable to tax under reverse charge).

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