Input Tax Credit (ITC) under Goods & Service Tax (GST)

Companies Next16 Aug, 2023Business

Input tax credit can allow GST companies to get credits or refunds of GST paid on the acquisition of these items (goods as well as services) in order to stop the tax effects of cascading. Tax credit claims for inputs can be claimed by those who are GST registered individual or business with respect to tax paid to purchase the important business items. The following is an example of how the input tax credits work: