Section 41 of CGST Act 2017: Claim of ITC in Returns and Provisional Acceptance
Provisions under Section 41 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Claim of Input Tax Credit (ITC) in Returns and Provisional Acceptance thereof”, are as under:
Section 41 of CGST Act 2017: Claim of Input Tax Credit in Returns and Provisional Acceptance thereof (CHAPTER IX – RETURNS)
(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited on a provisional basis to his electronic credit ledger.
(2) The credit referred to in sub-section (1) shall be utilised only for payment of self-assessed output tax as per the return referred to in the said sub-section.
The Central Goods and Services Tax (CGST) Act, 2017 was notified by Govt. on 12 April, 2017 and CBIC has notified the commencement date for various Sections/ Provisions thereof from time to time. Subsequently, Govt. has notified the Central Goods and Services Tax (CGST) (Amendment) Act, 2018 on 30 Aug. 2018. However, commencement date of amended provisions of various Sections is to be separately notified by CBIC, except where specifically mentioned in the CGST Amendment Act, 2018 itself.