The Finance Ministry said the deadline to avail input tax credit (ITC) for last financial year will remain October 20.
About:
Input Credit means at the time of paying tax on sales, you can reduce the tax you have already paid on purchases.
Input Tax Credit (ITC) means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax.
The concept is not entirely new as it already existed under the pre-GST indirect taxes regime (service tax, VAT and excise duty). Now its scope has been widened under GST.
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