Hi everyone, I am currently pursuing the Chartered Accountancy course in India and I have a doubt regarding the Input Tax Credit (ITC) under the Goods and Services Tax (GST) system. Can someone please help me understand how to avail and utilize ITC effectively? Thank you!
Hey there! To avail Input Tax Credit (ITC) under GST, you must ensure that you have valid tax invoices or documents, and the supplier has actually paid the taxes to the government. To utilize ITC effectively, you can offset it against the output GST liability. However, please note that there are certain restrictions and conditions for claiming ITC.
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