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 selfassessed 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). Recommended Articles –
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