Provisional ITC
Definition
Input tax credit a buyer claimed before the corresponding invoice was reflected in their auto-drafted statement. Rule changes have progressively tightened this, so credit is now largely restricted to invoices actually appearing in GSTR-2B.
Related Terms in India GST
Blocked Credit (Section 17(5))
Categories of input tax credit that GST law specifically disallows even when used for business, such as credit on certain motor vehicles, personal consumption, and some works-contract and construction inputs. Businesses must identify and exclude these from their claims.
Anti-Profiteering (GST)
A GST provision requiring businesses to pass on the benefit of a rate cut or additional input tax credit to customers through lower prices, rather than keeping it as extra margin. Compliance is monitored by the designated authority.
GST Registration Suspension
A state in which a taxpayer's GST registration is temporarily inactive — for example after applying for cancellation or when the department initiates cancellation. During suspension the taxpayer generally cannot issue tax invoices or claim credit.
GST Amnesty Scheme
A time-limited relief the government periodically offers to let taxpayers regularise past GST non-compliance — such as late returns — with reduced or waived late fees. Terms vary by scheme and are set by notification.
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