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Input tax credit (ITC) means when a person paid tax on input so at the time of paying tax on output he can reduce the tax which he had already paid at the time of input and paid remaining amount. A person while selling goods he adjust the tax paid on input. A dealer at the time of paying tax on output he reduce the tax paid on input and the remaining amount paid to government.

For example- you are a manufacturer you paid tax on input 200 and the output tax is 300 then Rs. 100 is paid to government as tax.

Some key point of ITC

1.Who claim ITC

  1. ITC can be claim by person who register under GST.  ITC is only for regular scheme not for composition scheme. There are some condition which necessary to fulfill by GST register person for claiming ITC-
    • The dealer should be in possession of tax invoice
    • The said goods/services have been received
    • Returns have been filed.
    • The tax charged has been paid to the government by the supplier.
    • When goods are received in installments ITC can be claimed only when the last lot is received.

    No ITC will be allowed if depreciation has been claimed on tax component of a capital good.

2.How to claim ITC

At the time of filing GSTR3B monthly type the total ITC in GSTR-2A and before filing GSTR-3B check the figures of GSTR-2A that it is update or not after updating the figures in GSTR-2A you can file GSTR-3B is the purchase and sale is equal then there is no tax charged but if there is any dealer who have no ITC but only sale in particular month than tax will be charged.

3.Documents required for ITC

Some important documents required for ITC are-

  • Invoice issued by the supplier of goods/services
  • The debit note issued by the supplier to the recipient (if any)
    Bill of entry.
  • An invoice or credit note issued by the Input Service Distributor (ISD).

A bill of supply issued by the supplier of goods and services or both.

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