Central Government has set the GST Input Tax Credit (ITC) as one of the essential parts of the new indirect tax machinery. Input Tax Credit (ITC) is a kind of tax that businesses pay on a purchase. ITC can be used to reduce tax liability when businesses make a sale. It means that b...
Input Tax Credit (ITC) is a mechanism that allows businesses to claim credit for the tax they’ve paid on their purchases. Input Tax Credit in GST ensures that companies are only taxed on the value they add at each stage of the supply chain, not on previous stages of production. By usi...
Looking to claim Input Tax Credit under GST? In order to avail Input Tax Credit, a dealer needs to meet few conditions. Learn how to calculate ITC, time limit to avail ITC
What are the three components of supply under GST? A supply under GST has three attributes that are used to calculate the tax owed for that transaction: place, value, and time. Place of Supply - This component determines whether a transaction is an intra-state supply, an inter-state supply...
GST is applicable to any business that processes Sales, Purchases, Sales Output on GST, and/or, Paid GST on Purchases (also called Input Tax Credit). All the business owners who have a registered business under the GST system must file the GST returns. ...
What is it? MU-MIMO: Multiuser multiple input, multiple output technology for Wi-Fi MU-MIMO refers to technology available in 802.11ac Wi-Fi networks that can broadcast a signal from a number of sources to multiple systems simultaneously. ...
In this example, GST is collected at each stage based on value addition, with input tax credits passed along the supply chain. This system ensures tax efficiency and transparency, reducing the overall tax burden for each participant in the process. ...
IGST, SGST and CGST are taxes under the GST regime. Read here to understand all you need to know about these taxes.
SGST Output liability IGST (I) (II)– In any order in any proportion (III)Input tax credit on account of Integrated tax to be completely exhausted mandatorily CGST (V) (IV) Not allowed SGST/UTGST (VII) Not permitted (VI) With the new rule, the IGST credit needs to be completely util...
VAT returns require businesses to report two types of VAT: the amount charged to your customer (output VAT) and the amount paid to suppliers (input VAT). The VAT to be remitted to the government is the difference between the VAT that you collected and the VAT that you paid to your supp...