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Input Tax Credit
The input tax credit is the tax paid by a business on purchases and this tax is used to reduce the tax liability at the time of sale. The taxation levy is based on the value that is added at each stage of the supply chain till it reaches the consumer.
What is the input tax credit?
The input tax credit is a central tax (CGST), state tax (SGST), integrated tax (IGST), or cess paid by an individual and subject to GST registration on the supply of goods or services. GST Input Tax includes tax that is paid on a reverse charge basis and IGST is levied on the import of goods. However, input tax does not include tax paid on the composite taxation scheme.
The input tax credit is the tax paid by a business on purchases and this tax is used to reduce the tax liability at the time of sale. The taxation levy is based on the value that is added at each stage of the supply chain till it reaches the consumer.
The Goods and Services Tax Act is levied on goods and services based on the principle of value addition. To negate the cascading effect of tax liability to be paid on the purchase of raw materials, consumables, plant, machinery, etc. This element of offsetting the tax liability is called an input tax credit.
Everyone in the supply chain with a GST registration participates in the controls, collects the GST tax, and remits the amount collected. In order to avoid double taxation and to offset the cascading effect of tax input credits, tax paid on purchases of raw materials, consumables, goods, or services which are involved in the manufacture, supply, and sale of goods or services is used.
Input Tax Credit.
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