In this video we explain the concept of Input Tax Credit (ITC) under GST in Tamil. If you're a business owner, accountant, CA student, or GST practitioner, this is a must-watch!
👉 What is Input Tax Credit (ITC)?
Input Tax Credit is the GST you paid on your purchases, which you can adjust against your GST liability on sales. This helps reduce tax burden and avoid cascading taxes.
📌 In this 1-minute Tamil video, you will learn:
✅ What is ITC in GST?
✅ Basic conditions to claim ITC
✅ Common mistakes in availing ITC
✅ Important GST rules for ITC
✅ Real-life business scenario examples in Tamil
✅ How to avoid penalties and notices related to wrong ITC
📢 Key ITC Conditions (Simplified in Tamil):
Invoice must be in your name with GSTIN
Goods/services must be received
Supplier must have filed GSTR-1
ITC must reflect in your GSTR-2B
Payment must be made to the supplier within 180 days
ITC should not be blocked (e.g., personal expenses, car, etc.)
🚫 Common ITC Mistakes to Avoid:
❌ Claiming ITC without invoice
❌ Claiming ITC not in GSTR-2B
❌ Using wrong GSTIN
❌ ITC on ineligible items like food, beverages, motor vehicle
❌ Late ITC claim beyond the due date
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📚 Example:
A trader in Chennai bought office chairs with GST and used it for personal use – he cannot claim ITC. But if it’s for office staff, then ITC is valid.
🧾 Pro Tips for ITC Claim:
💡 Reconcile GSTR-2B every month
💡 Use accounting software like Tally, Zoho Books
💡 Cross-check with vendor filings
💡 File returns on time (GSTR-3B)
💡 Consult a CA if unsure
🌐 Who Can Benefit?
👨💼 Business Owners
👩🎓 Commerce Students
🧾 Accountants
🏢 Startups
🧑💻 Freelancers handling GST
🧑🏫 GST Trainers & Educators
📲 Subscribe to our channel “Rule Infinity Business Services” for more such tax tips, GST filing tutorials, and finance education in Tamil.
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📢 Disclaimer:
This video is only for educational purposes. Please consult a qualified tax professional before making any decisions.
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