HOW TO CALCULATE INPUT TAX CREDIT (ITC) ?
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Answer / abhivirthi tax and industrial
In the local purchase bills i.e. purchases made from the
registered dealers within the state with valid Tax Payer
Identification Number which is called TIN, Output Tax
collected by the seller is called input tax credit by the
buyer. All taxable items with tax element shown separately to
be taken as purchase turnover and the tax collected in the
purchase bills were called Input Tax credit. Imports and
Interstate purchases and CST collected should not be taken as
Input Tax Credit. Only local taxable purchases from the
registered dealers and tax collected separately should be
taken into account for calculation of Input Tax credit.
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Answer / yogesh kumar
Please reply the answer of this question .
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