What about section 16(2)in GST rules? | Details required to claim ITQ?

This is Ravi Verma

In this article, I will tell you what details are required to claim ITC

What is ITC ?

When we buy any goods or services from a supplier, that supplier takes tax from us and deposit it to the government, after which the government gives us a tax refund which we call Input Tax Credit.

What are the benefits of ITC?

Due to this, we have to pay tax to the government only once, the effect of repeated tax ends.

Details required to claim ITQ?

As per Section 16 of the GST Act, a person who has complied with these essential details can avail of ITC without any problem.

compliance is below

  • must be Debit note
  • Received Goods and services
  • must be invoiced
  • The supplier has paid his taxes
  • The supplier has filed his returns
  • You can avail of ITC as per your GSTR-2B as per the section 16 (aa)
  • We cannot claim ITC which is under section 38 does not comply with