Q. What is the input tax credit (ITC) in GST?
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A.
Tax paid on inputs
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B.
Tax paid on outputs
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C.
Tax refund
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D.
None of the above
Solution
Input tax credit (ITC) refers to the tax paid on inputs that can be claimed back against the output tax liability.
Correct Answer:
A
— Tax paid on inputs
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Q. Which of the following is a condition for claiming ITC?
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A.
The supplier must be registered
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B.
The goods must be used for business
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C.
The invoice must be in the name of the business
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D.
All of the above
Solution
All of the above conditions must be met to claim input tax credit (ITC) under GST.
Correct Answer:
D
— All of the above
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