Question

11. Input Tax Credit (ITC) is equal to

(A) Output GST + GST payable
(B) Output GST - GST payable
(C) GST payable - Output GST
(D) none of these​

Answer 1

Answer:

What is Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro services and which is available as deduction from tax payable . For eg- A trader purchases good worth rs 100 and pay tax of 10% on it