Question

what is input tax credit in GST​

Answer 1

Answer:

Input tax credit on ITC is the tax that a business pays on the purchase in that it can use to reduce its tax liability when it makes a sale in other works businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.

Answer 2

Answer:

GST liveid and collected at the every stage of trading from manufacture to consumer. wintrader when trader pay GST at the time of purchase is called input tax and he collected GST at the time of cell is call output tax at the time of paying GST to the government a trailer trader daily cuts the input text from the output text and pay the remaining tax this deduction of input tax is called input tax credit

GST payable = output text - ITC

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