As per section 16 of the CGST Act, 2017 relating to eligibility and conditions for taking Input Tax Credit (ITC); state when the Input Tax Credit (ITC) be available where the goods are received in lots/installments;

CS Executive · Tax Laws · PYQS · December 2021
As per section 16 of the CGST Act, 2017 relating to eligibility and conditions for taking Input Tax Credit (ITC); state when the Input Tax Credit (ITC) be available where the goods are received in lots/installments;
(A) 50% be taken on receipt of 1st installment and balance 50% on receipt of last installment of goods
(B) ITC can be availed upon receipt of last installment of goods
(C) Proportionate ITC can be availed on receipt of each lot/installment of goods
(D) 100% ITC can be taken on receipt of 1st installment of goods.

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: GST

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