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Under GST, which of the following is true regarding input tax credit?
Practice Questions
Q1
Under GST, which of the following is true regarding input tax credit?
It can be claimed for all purchases
It can only be claimed for capital goods
It can be claimed only if the supplier has paid the tax
It cannot be claimed at all
Questions & Step-by-Step Solutions
Under GST, which of the following is true regarding input tax credit?
Steps
Concepts
Step 1: Understand what input tax credit (ITC) is. It is a credit that businesses can claim for the tax they have paid on purchases.
Step 2: Know that under GST (Goods and Services Tax), businesses can only claim ITC if the supplier has actually paid the tax to the government.
Step 3: This means that the tax must be collected and reported by the supplier for you to claim the credit.
Step 4: If the supplier has not paid the tax, you cannot claim the input tax credit.
No concepts available.
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