GST has been brought into the Indian taxation system for transparency and streamlining. It provides a very special feature, which is called the input tax credit (ITC), which helps reduce the businesses’ tax burden. The benefit of ITC operating companies in claiming credit for tax paid on purchases can reduce overall tax liability, create smoother cash flows, and save themselves. Let’s discuss what Input Tax Credit is, how businesses are qualified for it, and some of the common challenges faced while claiming ITC under GST. Proper usage of ITC helps significantly save tax amounts and hence helps increase profitability. What
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