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ITC can be claimed by recipient on inward supply when consideration is paid through book adjustment

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Input Tax Credit — The Applicant can pay the consideration for inward supplies by way of setting off book debt. The GST Act and rules made there under does not restrict the recipient from claiming the input tax credit when consideration is paid through book adjustment, subject to the conditions and restrictions as may be prescribed and in the manner specified in Sections 16 and 49 of the GST Act.

This Ruling is valid subject to the provisions under Section 103 until and unless declared void under Section 104(1) of the GST Act. — Senco Gold Ltd., In Re…. [2019] 12 TAXLOK.COM 017 (AAR-WB)