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Input Tax credit
what is input Tax credit? how does it works ?
Replies (2)
When you pay to ur vendor the amount is inclusive of tax which u can reduce while paying ur tax to government.
input tax is that tax which u already paid at time of purchse of goods
at the time when u sale the goods then adjust that tax.
in this Gst and vat base machenism u just pay tax as ur part of profit only
at the time when u sale the goods then adjust that tax.
in this Gst and vat base machenism u just pay tax as ur part of profit only
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