Tag: input tax credit

GST ready?

Input Tax Credit

Situations where Input Tax Credit cannot be availed.

INPUT TAX CREDIT  With the continuing sensations of GST law and implementation, the mechanism can only function when rest on ITC i.e Input tax credit. Input Tax credit can be defined as at the time of paying  tax on output,  one can reduce the tax he,/she have already  paid on inputs. Any individual can avail…
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Input Tax Credit of GST bill explained.

ITC or commonly called as Input Tax Credit in GST: In GST bill, Input credit flows in the course of action from the manufacturer till the goods is being consumed. But what is Input Tax Credit commonly referred as ITC? When a person is buying any good or any service from a dealer then he…
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