Input Tax Credit: Conditions, Blocked Credits, and Reversals

You can claim ITC only if: (a) you hold a valid tax invoice or debit note, (b) you have received the goods or services, (c) the supplier has uploaded the invoice to GSTN and it appears in your GSTR-2B, and (d) you have actually paid the consideration within 180 days for credit purchases. Blocked credits under Section 17(5) include motor vehicles (with exceptions for specified businesses), food and beverages, club membership, health and fitness, and rent-a-cab. ITC must be reversed for non-business use, exempt supplies, or when the original invoice is unpaid after 180 days.