3 Replies
V.Raghunadh
(Practicing Advocate and Corporate Consul)
(202 Points)
Replied 17 July 2017
Input Tax Credit, meaning when you purchase u pay tax and when you sell u collect tax. Tax when u purchase is input tax and tax when u sell is output tax, now u can deduct input tax from out put tax and pay balance to the government. this procedure is simply known as availing ITC.
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