What do you understand by Input Tax Credit? What is the manner of util

1.	What do you understand by Input Tax Credit? What is the manner of utilizing Input Tax Credit?
Answer» ITC or Input Tax Credit means setting off the amount of input tax paid by the registered dealer against the amount of his output tax liability. The credit would be permitted to be utilized in the following manner: (a) ITC of CGST allowed for the payment of CGST and IGST in that order. (b) ITC of SGST allowed for the payment of SGST and IGST in that order. (c) ITC of IGST allowed for the payment of IGST, CGST and SGST in that order. (d) ITC of CGST cannot be used for the payment of SGST and vice-versa.

What do you understand by Input Tax Credit? What is the manner of utilizing Input Tax Credit?

Answer»

ITC or Input Tax Credit means setting off the amount of input tax paid by the registered dealer against the amount of his output tax liability.

The credit would be permitted to be utilized in the following manner:

(a) ITC of CGST allowed for the payment of CGST and IGST in that order.

(b) ITC of SGST allowed for the payment of SGST and IGST in that order.

(d) ITC of CGST cannot be used for the payment of SGST and vice-versa.

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What do you understand by Input Tax Credit? What is the manner of utilizing Input Tax Credit?

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