Amongst the many benefits and positive features of GST, the most important one is the concept of input tax credit under GST.
Want to know about input tax credit meaning, ITC rules, how it works? Read until the end and clear all your questions.
What is Input Tax Credit or ITC under GST?
The Goods & Services Tax (GST) was introduced in India with the promise of removing the cascading effect of indirect taxes. The mechanism of input credit is what will help in this approach. The Input tax credit meaning is that while paying tax on output (sales of goods/services), you can claim the credit for the tax already paid on inputs (purchases).
