Input tax credit
This query is : Resolved
18 September 2012
What is meant by input tax credit....? For ex we are rendering or giving services to our clients then that service tax needs to be paid to govt. And is known as service tax payable.. now when we are paying for a particular service and service tax applicable thereon it will be known as input tax credit or ITC?? Am I right..
CA.Vinita Gupta
(Expert)
18 September 2012
On any kind on Expenses which is debited to books of accounts and on that there is Service tax it is known as Input Tax Credit say on Telephone Expenses the Service tax element
SANYAM ARORA
(Expert)
18 September 2012
In-put tax credits) Amount which a business may claim from the ATO as a result of paying GST on goods or services acquired.
SANYAM ARORA
(Expert)
18 September 2012
Go through the Link - It will solve all your queries -
https://www.commercialtax.gujarat.gov.in/vatwebsite/vat/VatFAQMain.jsp?viewPageNo=4
https://www.commercialtax.gujarat.gov.in/vatwebsite/vat/VatFAQMain.jsp?viewPageNo=4
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