Complete Guide to Input Tax Credit (ITC) under GST

In the GST tax regime of India, one of the most prominent features is the input tax credit (ITC). A business can lower its tax payments by claiming a credit for taxes paid on items and services that it uses. This system is made to stop the cascading effect of taxes during the previous periods, whereby enterprises also paid duties on duties. Thus, this general guide will consider all these elements, such as ITC concepts, benefits, eligibility, the claim process and other recent integration. When these concepts are well understood and ITC applied appropriately, there can be optimization of proper financial planning through cost reduction and continual improvement in cash flow. Read full article-