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There are many types of GST, but the basic idea behind the taxation system is simple enough - taxing the cost of both manufacturing and distributing a good or service. GST returns are a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government). Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. In Other words Input Tax Credit means claiming the credit of the GST paid on the purchase of goods and services which are used for the furtherance of business.

Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list) and input tax credit is allowed on capital goods. Input tax is not allowed for goods and services for personal use. GST has been introduced to give a clean sweep to the taxman. The Central Excise Department is now being able to collect both input tax credit and output tax credit. With this, there is no possibility of the taxpayer being confused about the exact amount of GST that he/she has paid on inputs and outputs across all states.

Generally, GST has been treated as a unique tax. It is not levied on goods and services that are taxed under other jurisdictions. In this regard, the GST incidence on foreign currency transactions is not relevant for India. In fact, some countries have imposed a mandatory minimum on currency transaction for the purpose of assessing the GST incidence. In this Tutorial, we discuss how to check your taxable Income from ITC arising from imports of goods and services within India by using an online tool developed by Ministry of Commerce. The tool will help you to identify all ITCs charged in your business/trade accounts in India and calculate the amount of tax payable under the ITC Act. You can use this online tool to do it yourself or hire an expert accountant to do it for you. Besides, you can also provide

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