What all input tax credit can be taken by a person who is supplying services?
Can anyone give a few examples?
Input tax credit
Replies (2)
He can avail ITC which is used in his business (service)
As per the Provision of Section 16(1) of the CGST Act 2017, "Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in Section 49, be entitled to take credit of inputtax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person."
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