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.
....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy November 2021 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

News Snippets