To calculate the input tax credit applicable, one can follow these steps: 1) Find out if you are eligible to claim an ITC. 2) Determine the percentage of use in your commercial activity. 3) Determine ...

Goods and Services Tax (GST) is an indirect tax system implemented in India to replace multiple cascading taxes levied by the central and state governments. It is a comprehensive, multi-stage, ...

As an entrepreneur, every rupee saved is a rupee earned. Managing business expenses wisely is crucial, and leveraging the Input Tax Credit (ITC) system under GST can significantly reduce your tax ...

Input Tax Credit under GST: The net GST payable is the overall GST minus GST paid on buying raw material. Before GST, credit of taxes being levied by the central government was not available as a ...

When the financial year closes, many businesses make bulk purchases in March to optimise their GST outflow, but experts warn that this strategy can backfire. CA Nitin Kaushik explains that input tax ...