Understanding GST's Input Tax Credit (ITC)

Oxyzo08 Nov, 2023Finance

Learn about the Input Tax Credit (ITC) system in the Goods and Services Tax (GST) framework, a critical mechanism that allows businesses to offset GST on input costs against GST on outputs, minimizing their tax burden and enhancing competitiveness. This credit system reduces the cascading effect of taxes, ensuring that businesses are taxed only on the value they add to their products or services.