Please Explain this Statement with an Example
"Earlier the trader was not able to take ITC of Services provided and service provider was not able to take the ITC of goods sold. But now in GST trader can take ITC of services provided and service provided can take ITC of goods sold" ?
Menu
Claiming ITC
Replies (2)
Earlier both the tax regime were independent of each other so ITC of VAT could not be claimed in ST, & vice versa. But now everything has come under one umbrella, there being only one ITC, may it be of goods or service, so it can be claimed against any of the GST output!!!
Thankyou Sir
Recent Threads
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
- Form 121 requirement
- Interest on reversal of ITC when ITC balance avail
- Is MirrorFly an Instant Messaging Software?
- ITR filling for legal heir
- How Can I qualify CA Final Exam?
- Wrong reporting on 22 april 2026 under article inc
- Articeship Form 107
- TAN for Multiple States
Related Threads
CAclubindia
