Blocked Credit (Section 17(5))
Categories of input tax credit specifically disallowed under the CGST Act, such as credit on motor vehicles for personal use or on goods lost or stolen, regardless of whether conditions are otherwise met.
Related terms
- Bank Guarantee
A bank's commitment to pay a beneficiary on a customer's behalf if the customer fails to meet an obligation — a contingent liability requiring disclosure, not recognition on the balance sheet.
- Bank Reconciliation Statement (BRS)
A reconciliation between the cash book balance and the bank statement balance, explaining every difference (outstanding cheques, unrecorded charges, deposits in transit).
- Board's Report
The report the directors present to shareholders alongside the financial statements each year, covering operational performance, CSR, related-party transactions and other matters required under Section 134.
- Books of Account
The complete set of financial records a company is legally required to maintain under Section 128 of the Companies Act, forming the basis from which the financial statements are prepared.
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