Question

ITC stands for:

विकल्प

• Income Tax Calculations

• Input Tax Credit

• Instant Tax Credit

• None of these

Answer 1

Input Tax Credit

Explanation:

ITC stands for Input Tax Credit, the credit of GST (tax) a registered dealer has paid on purchases (input GST) that can be set off against the GST collected on sales (output GST), reducing the dealer’s net GST liability.