Input tax credit (ITC) not admissible Under GST | Where ITC Cannot be Availed

Описание к видео Input tax credit (ITC) not admissible Under GST | Where ITC Cannot be Availed

Input tax credit (ITC) is the tax paid by the buyer on purchase of goods or services. Such tax which is paid at the purchase when reduced from liability payable on outward supplies is known as input tax credit. In other words, input tax credit is tax reduced from output tax payable on account of sales.
ITC cannot be availed on goods/services received by a non-resident taxable person. ITC is only available on any goods imported by him. Please read our articles on GST on non-residents and the registration process for non-residents.
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