Advertisements
Advertisements
Question
ITC stands for:
Options
Income Tax Calculations
Input Tax Credit
Instant Tax Credit
None of these
MCQ
Advertisements
Solution
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.
shaalaa.com
Is there an error in this question or solution?
