Claiming the right amount of Input Tax as credit is an essential aspect of the Goods and Service Tax regime. In simple words, Input Tax Credit (ITC) reduces the tax paid on inputs from the tax to be paid on output. Section 16 of the CGST Act, 2017 expressly lists the various conditions applicable for … Read moreCan ITC Be Claimed By The Purchaser If Seller Has Not Paid The Tax Due To The Government?
Goods and Services Tax (GST) has made claiming Input Tax Credit (ITC) a lot simpler. However, there are certain conditions which must be fulfilled before claiming Input Tax Credit (ITC). The topics covered in this article are: Table of Contents What is Input Tax Credit? Conditions to Claim ITC Situations when ITC Cannot Be Claimed … Read moreConditions to Claim Input Tax Credit under GST
Under GST, ITC or Input Tax Credit on old stock can be claimed. But before knowing how it is important for us to know what ITC is? What is ITC? Input tax credit (ITC) is one of the key features of GST Goods and Services Tax. ITC under GST means reducing the burden of taxes by setting … Read moreClaiming ITC on Old Stock under GST