Section 41. Availment of input tax credit
(1) Every registered person shall, subject to such
conditions and restrictions as may be prescribed, be entitled to avail the
credit of eligible input tax, as self-assessed, in his return and such amount
shall be credited to his electronic credit ledger.
(2) The credit of input tax availed by a registered
person under sub-section (1) in respect of such supplies of goods or services
or both, the tax payable whereon has not been paid by the supplier, shall be
reversed along with applicable interest, by the said person in such manner as
may be prescribed:
Provided that where the said supplier makes payment of
the tax payable in respect of the aforesaid supplies, the said registered
person may re-avail the amount of credit reversed by him in such manner as may
be prescribed.
