what do we mean by ITC?
please explain in detail of sales and purchase on ITC ?
whether it is applicable on RCM
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.
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