GST ITC: Are You Claiming Wrongly? Section 16, Blocked Credit & 180 Days Rule

GST Input Tax Credit (ITC) Explained in Just 6 Minutes! Are you claiming Input Tax Credit correctly under GST? A mistake in claiming ITC can lead to reversal of credit, interest and potential disputes with the GST department. In this video, we explain the important rules governing GST Input Tax Credit in simple language, with practical examples to help business owners, traders, accountants, GST practitioners and tax professionals understand the law. 🔍 WHAT YOU WILL LEARN IN THIS VIDEO ✅ Is ITC product-specific? Can GST paid on the purchase of one product be used against the GST liability on another product? ✅ Section 16 of the CGST Act: The essential conditions for claiming Input Tax Credit. ✅ GSTR-2B and ITC: Why invoice reporting and credit eligibility matter. ✅ Receipt of goods and services: Understanding the actual-receipt requirement and relevant exceptions. ✅ Supplier tax compliance: Important considerations concerning the tax charged on purchases. ✅ 180-day payment rule: What happens if you fail to pay your supplier within the prescribed period? ✅ Blocked ITC under Section 17(5): Why certain credits may not be available even when you possess a valid invoice. ✅ Time limit for claiming ITC: Understand the applicable statutory deadline. 📌 KEY TAKEAWAY ITC is generally not product-specific, but that does not mean every GST invoice qualifies for credit. Eligibility depends on the applicable statutory conditions, business use, restrictions and other relevant provisions of GST law. Watch the complete video to understand the important checks you should perform before claiming ITC. 👍 If this video helps you, please LIKE, SHARE and SUBSCRIBE for more practical explanations of GST, Customs, FEMA and indirect tax compliance. 💬 COMMENT BELOW: Do you believe ITC should be product-specific? Share your views. ⚖️ DISCLAIMER This video is intended solely for educational and general informational purposes. It does not constitute legal, tax, financial or professional advice, nor does it create a professional-client relationship. The explanations and examples are simplified for understanding and should not be treated as a substitute for examining the facts of an individual case. GST laws, rules, notifications, circulars and judicial interpretations may change. ITC eligibility must be assessed with reference to the applicable law, facts, supporting documents and relevant exceptions at the time of the transaction. Viewers should consult a qualified tax professional before acting on any information discussed in this video. The creator does not guarantee any particular tax outcome and accepts no responsibility for actions taken solely on the basis of this educational content.    • Blocked Credit in GST – What You Can’t Cla...