Input Tax Credit ITC | StartupYo

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Input Tax Credit ITC

Input Tax Credit (ITC) is a mechanism under the Goods and Services Tax (GST) system in India that allows businesses to claim a credit for the taxes paid on the purchase of goods or services. It is a crucial feature of GST as it helps in eliminating the cascading effect of taxes and ensures that the tax is levied only on the value addition at each stage of the supply chain.

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