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What is Input Tax Credit (ITC)?
How does ITC WORK?
Who can claim Input Tax Credit?
What can be claimed as ITC?
ITC can be claimed only for business purposes. ITC will not be available for goods or services exclusively used for: Personal use; Exempt supplies; Supplies for which ITC is specifically not available
Reversal of Input Tax Credit
ITC can be availed only on goods and services for business purposes. If they are used for non-business (personal) purposes, or for making exempt supplies ITC cannot be claimed. Apart from these, in the following situations ITC will be reversed:
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