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What is Understanding Input Tax Credit (ITC) about?
This document provides an overview of input tax credit (ITC) under the GST regime in India. It defines key terms related to ITC such as inputs, input services, capital goods, and exempt and taxable supplies. It outlines the scheme of ITC, including that full ITC is available for taxable supplies while only proportionate ITC is available for supplies used for both taxable and exempt purposes. ITC can be used to offset tax on any taxable output supply and is available across state borders through IGST. Nota
- Author
- Aditya Thesia
- Language
- EN