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Concepts · CA Intermediate/Taxation (Income Tax + GST)

Taxation (Income Tax + GST)

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

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

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Concept
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Chart Summary
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Formula Sheet
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Important Points

⭐ Important points (exam-critical)

  • ⭐Sec 16(2)(aa): ITC restricted to invoices reflected in GSTR-2B (auto-populated).
  • ⭐Capital goods ITC apportioned over 60 months (5 years) under Rule 43.
  • ⭐ISD (Input Service Distributor): mechanism for HO to allocate ITC to branches.
  • ⭐Sec 16(4) — wide-ranging time-bar restriction; recent amendment from 30 Nov for FY 2017-18 to 2020-21.

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