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What is Input Tax Credit? | Prelims Preparation | UPSC CSE/IAS | Edukemy
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Input Tax Credit (ITC) is a mechanism that allows taxpayers to offset the taxes they have paid on inputs against the taxes they are liable to pay on outputs. In other words, it is a credit that a taxpayer can claim for the taxes paid on inputs that have been used in the production of goods or services.
For example, if a manufacturer buys raw materials on which he has paid tax, he can claim an ITC for that tax amount when he sells his finished products. This means that he can deduct the tax paid on the inputs from the tax payable on the outputs. In this way, the manufacturer only pays tax on the value added by him, rather than on the entire value of the goods.
ITC is a way to avoid double taxation and ensure that taxes are levied only on the value added at each stage of the supply chain. It is a crucial element of the Goods and Services Tax (GST) system that is used in many countries including India, Canada, Australia, and others.
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For example, if a manufacturer buys raw materials on which he has paid tax, he can claim an ITC for that tax amount when he sells his finished products. This means that he can deduct the tax paid on the inputs from the tax payable on the outputs. In this way, the manufacturer only pays tax on the value added by him, rather than on the entire value of the goods.
ITC is a way to avoid double taxation and ensure that taxes are levied only on the value added at each stage of the supply chain. It is a crucial element of the Goods and Services Tax (GST) system that is used in many countries including India, Canada, Australia, and others.
For Daily Current Affairs Analysis watch here
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