GST Credit is commonly known as Input Tax Credit (ITC), is the credit of ‘input tax’ paid by a person for the use of goods or services or both in the course or furtherance of business.
‘Input tax’ here means: Central GST, State GST, Integrated GST, Union Territory GST charged on supply of goods and/or services but excludes GST on Composition levy.
Input Tax Credit mechanism ultimately reduces the tax burden on a supplier of goods and/or services.
Read More :- What is GST credit and how to avail it?
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