Claiming ITC

ITC / Input 183 views 2 replies

Mohit Chitkara

23 Points Joined June 2017

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" ?

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208868 Points Joined July 2016

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!!!