UNDERSTANDING INPUT TAX CREDIT (ITC)  UNDER GST

What is Input Tax Credit (ITC)

When a Business Buys Goods or Services, It Pays GST on Those Purchases. This GST is Known as the Input Tax.

How to Claim ITC?

To claim ITC, you must have a valid tax invoice with GSTIN details. The input tax can be claimed in the GST return. It's essential to reconcile your purchases and sales accurately.

Tips to Get ITC Refund Faster

- Maintain Proper Documentation - File GST Returns On Time - Reconcile Your ITC Regularly - Stay Updated With GST Rules