Input Tax Credit can be said to be one of the key element of the entire Goods and Service Tax (GST) framework where in one of the major USPs is the seamless flow of credit in the entire GST chain. The present indirect taxation system suffers with cascading tax effect due to non-availability of credit at various points in the supply chain. However, under the GST regime, credit of GST is expected to be available at every stage in the entire supply chain. This article focuses on basic concepts and framework of Input Tax Credit under GST regime.
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