Hey Richa,
Understanding what is Input Tax Credit in GST is very important if you are a manufacturer like I am. It helps us save a lot of taxes. So, I would like to help all of the manufacturers and other readers here by telling them about Input Credit Tax.
What is Input Credit in GST?
Input Credit is the credit amount that a manufacturer gets when he/she has to pay the tax on their output. The tax paid on inputs is reduced from the overall tax on outputs.
Even if you are on the customer end, you can have Input Credit. When a customer purchases goods or services, they pay taxes on that purchase. When they sell those products or services, they collect the taxes on them. The customers adjust the taxes paid with the taxes collected and the balance amount has to be finally paid as taxes to the government. This is what is Input Tax Credit in GST. This is also known as the utilization of Input Credit Tax.
Conditions for claiming input credit under GST?Input credit in GST can be claimed if the following conditions are met:
You must have the debit note or the tax invoice of purchase from the dealer you purchased goods or services from
You must be in possession of the goods or services after purchasing.
The tax charged, has been actually paid to the Government
I would also like to help the Hindi readers understand Input Credit Tax since it is a very important concept and all of us should be aware of its benefits of it.
So,
what is input tax credit in GST in Hindi?
इनपुट क्रेडिट का मतलब है कि आउटपुट पर टैक्स का भुगतान करते समय, आप इनपुट पर पहले से चुकाए गए टैक्स को कम कर सकते हैं और शेष राशि का भुगतान कर सकते हैं।
I hope my comprehension on
what is input tax credit in GST was helpful to you.
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What is Input Tax Credit in GST?
Richa
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2022-04-18T09:24:41+00:00 2022-04-18T09:24:42+00:00Comment
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