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...
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...
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
Curious about Goods and Services Tax (GST)? Discover why it is considered an indirect sales tax and what are the main differences with VAT.
GST stands for goods and services tax and whether you pay it or not will depend on the turnover threshold. Learn everything about GST in this guide.
The GSTIN Number is used for various GST-related procedures, such as filing returns, claiming input tax credits and paying taxes. Read More:What is GST and How Does It Work? GSTIN Number Format & Example – Decoding the 15-Digit GSTIN ...
GST/HST paid on any of these items may be eligible for input tax credits. A full list is available on theCRA's website. You can only claim Input Tax Credits for goods and services related to your business. According to the CRA, the purchase or expense must be reasonable in quality and...
Nowadays lots of discussion are going on in newspapers, periodicals and television channels regarding the GST bill. Some experts say that passage of this bill is extremely important for steady and robust development of economy of the country. Some other experts mention that this bill will help the...
GST is a tax first introduced back in 2000. Even though it has been in place for over two decades, as a practicing accountant, this is still one of the areas my clients frequently need assistance with. It can be tricky to understand because there isn’t a blanket GST imposed on all go...
Goods and Services Tax (GST) is a tax applied by a business on the sale of particular products and/or services provided to customers.