What Is Input Tax Credit Under GST

What is input tax credit?
 

Under GST, ITC stands for Input Tax Credit. When you file your GST return, you can claim your already paid GST to other businesses. It could be IGST, SGST or CGST.
 

You can claim your input tax credit as per the GST rules and regulation while filling your GST return. Input tax means, when you are filling your GST return, you can deduct the already paid tax as GST and can deposit your balance GST.

Under GST, input tax credit is an excellent concept that actually help everyone to pay the taxes on purchase for their business purposes and at the time of filling your GST return, you can claim the same without any hassle.
 

If you are a service provider and you have purchased a service of INR 1000, and you have paid INR 180 as GST to seller. While filling your GST return, you can reduce this INR 180 from your GST payable and can file your return.


 

Current Rating Total Views Vote for This Article Share this Article
 
Rating: 0/10 (0 votes cast)
85
0
0

advertise here

advertise here