All About ITC

what do we mean by ITC?
please explain in detail of sales and purchase on ITC ?
whether it is applicable on RCM
Replies (5)
When you are a registered person purchased taxable goods or services from a registered dealer and what amount of tax was paid on that goods or services and claim it is known as itc.
On sales of goods or services is liable to pay taxes to the govt. by a registered dealer.

Computation of tax liability

Outward tax liability ××××
Less- ITC (××××)
--------
payable/refundable ×××××


And relating to RCM u can also refer sec 9(3) & 9(4) of CGST Act, 2017.
Input Tax credit is available for purchase of inputs by a registered dealer (regular assesse) in the course of supply of goods and services as mentioned in detail in Sec 2 (62).
In respect of of integrated goods and services tax charged on import of goods.
tax payable under the provisions of section 3 and 4 of Sec 9 under reverse charge of cgst.
the tax payable under the provisions of Sec 3 and 4 of Sec 5 of igst act.
.
But does include tax under composition levy.
Agree with above comment
Thnku so much..
Your welcome

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
Featured 16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT, CA SemiQualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
23 July 2026
Senior Accountant

Felicity Adobe LLP

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Follow