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What is input tax credit in GST?

What is input tax credit in GST?

Monday, June 26, 2017, 11:05 AM

To make sure that tax is levied only on the amount of value addition at each stage of the supply chain, credit for the taxes paid at the previous stage is granted. For example, a garment manufacturer gets credit for the taxes paid on the materials purchased while computing the final indirect tax liability on his product that is collected from the consumer.
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