18 Conditions for input tax credit

The input tax credit under section 13 of the Act will be admissible to a taxable person, if such a  person has-

(a) in his possession the original VAT invoice, issued to him by a taxable person, from whom purchase of such goods has been made,  wherein  tax  charged, has  separately been shown; and

(b) maintained proper record of all purchases of goods, eligible for input tax credit and all adjustments thereto in chronological order.