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Meaning of ITC A tax charged by a registered person on outward supply of taxable goods or services or both on the tax invoice raised by him is called as “input tax” from the view point of the buyer. The…
The provision for Input Tax Credit (ITC) is given under Chapter V of CGST Act, 2017. Section 16 : Eligibility and conditions for taking Input Tax Credit (ITC) Section 17 : Apportionment of credit and blocked credits Section 18 : …
As per section 17(5) of CGST Act, 2017, the Input Tax Credit (ITC) shall not be available in respect of the followings, namely:- Clause (a): Motor vehicles used for transportation of persons having approved seating capacity of up to thirteen…