This means an assessee will get input tax credit (ITC) only to the extent of invoices matched. For each and every assessee, the system calculates ITC based on returns filed by her/his supplier.

A slight difference in terminology matters a lot in tax laws. Section 17 (5) of the GST Act defines a list of purchases (inputs) on which GST is paid, but the buyer cannot claim ITC.

The GSTR-2B (input tax credit) statement will now be generated two days later on Thursday, January 16, from the originally scheduled date of January 14, for the December 2024 tax period.