Input Tax Credit is the credit of GST paid on the purchase of goods or services. It is utilised to pay GST on the sale of goods or services.
The taxpayer cannot claim Input Tax Credit for any tax invoice pertaining to a financial year after:
- Filing the return for the month of September from the end of financial year in which such invoice falls,
- Filing of the Annual Return
whichever is earlier
Read more - What is Input Tax Credit (ITC) under GST?