A taxable person who has registered can get ITC in the prescribed time and manner. In the table below, you can see different situations in which inputs can be claimed for stock, semi-finished goods, or finished goods. Other conditions: ITC mentioned in the above situations can be claimed w...
Multiple ITCs may be claimed in respect of the same project, to the extent that a project qualifies for multiple ITCs. Notably, Budget 2024 provides that for eligible natural gas systems, a project cannot claim the Clean Electricity ITC and the CCUS Tax Credit in respect of the same project...
No ITC will be allowed if depreciation has been claimed on tax component of capital goods. There is a time limit for claiming ITC which is earlier of Return filing due date of September. This time the date has been extended to 30th November. (Refer the list here:Important Checklist to con...