Input Tax Credit (ITC)
- It means that when a manufacturer pays the tax on his output, he can deduct the tax he previously paid on the input he purchased.
- Here, while paying the tax on his output, he can deduct or take credit for the tax he paid while purchasing inputs.
- Exceptions: A business under composition scheme cannot avail of input tax credit. ITC cannot be claimed for personal use or for goods that are exempt.
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