Identify the correct option. Full form of 'ITC' in Indian Tax Context.
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This question was previously asked in
Shift 11/06/2023 3:30 PM - 6:30 PM
A
Income Tax Control
B
Input Tax Credit
C
Indian Tea Company
D
Indirect Tax Control
Correct Answer
Input Tax Credit
Detailed Explanation
- Input Tax Credit' or 'ITC' means the Goods and Services Tax (GST) paid by a taxable person on any purchase of goods and/or services that are used or will be used for business.
2. ITC value can be reduced from the GST payable on the sales by the taxable person only after fulfilling some conditions.
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