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input tax credit in gst
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In this vedio I explained the concept of input tax credit under gst with a simple example
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Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Input tax credit in realtion to GST to a registered person means, the CGST, SGST/UTGST or IGST charged on any supply of goods or services or both made to him. It includes IGST charged on imports & tax payable under reverse charge mechanism.
If you are a manufacturer, supplier, agent, e-commerce operator, aggregator or any of the persons mentioned , registered under GST, you are eligible to claim INPUT CREDIT for tax paid by you on your PURCHASES.
For example,
If you have purchased goods worth Rs 100.00 and paid Rs 5.00 as GST on it @ of 5% . When these goods are sold at Rs 150 and GST attracted is Rs 7.50 @ 5% so the net tax liability will be Rs 7.50 less Rs 5.00 ie Rs 2.50.
eligibility conditions for itc
• Input tax credit under gst l input tax cre...
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