Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services. Under the GST regime, Input Tax Credit (ITC) is a crucial mechanism that allows businesses to claim credit for the taxes paid on their purchases of goods and services, which can be used to offset their tax liability on their output supplies. However, there may be instances when the reversal of input tax credit of GST is required.
Read more at: Taxguru
Latest Posts in "India"
- GST on Hotel Rooms ≤ Rs 7,500: 5% Rate, No ITC for Hotels or Business Travellers
- GSTN Releases Key FAQs on GSTR 9/9C Filing for Financial Year 2024-25
- Supreme Court: VAT Credit Cannot Be Denied Due to Supplier’s Tax Default
- Trickiest countries in which to achieve compliance
- India announces changes in the Invoice Management System