32. Input tax credit. -
A registered dealer shall be allowed to take credit (hereinafter referred to as Input Tax Credit) of tax paid on any inputs or capital goods for use in business or furtherance of business received in stock on or after the 1st day of April, 2005 in terms of the provisions of Section 17 of the Act.
Provided that while paying tax the Input Tax Credit shall be utilized only to the extent such credit is available on the last day of the month for payment of tax relating to the month.