(1)

Every Registered Person Shall, Subject To Such Conditions And Restrictions As May Be Prescribed And In The Manner Specified In Section 49, Be Entitled To Take Credit Of Input Tax Charged On Any Supply Of Goods Or Services Or Both To Him Which Are Used Or Intended To Be Used In The Course Or Furtherance Of His Business And The Said Amount Shall Be Credited To The Electronic Credit Ledger Of Such Person.

(2)

Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,-

(a) he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed ;

(b) he has received the goods or services or both.

(i) where the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise;

(ii) where the services are provided by the supplier to any person on the direction of and on account of such registered person.]

(c) subject to the provisions of [section 41 or section 43A] [Substituted 'section 41' by Maharashtra Act No. 67 of 2018, dated 14.12.2018.], the tax charged in respect of such supply has been actually paid to the Government, either in cash or through utilisation of input tax credit admissible in respect of the said supply ; and

(d) he has furnished the return under section 39 :

(3)

Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961, the input tax credit on the said tax component shall not be allowed.

(4)

A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.