Practical Legal Guidance
Input Tax Credit
Credit for GST paid on inputs, available to be set off against GST payable on outputs.
Detailed Meaning
Input tax credit allows a registered person to reduce the GST payable on outward supplies by the GST already paid on inward supplies used in the course or furtherance of business, subject to specified conditions and documentary requirements, and is central to GST's design as a value-added tax.
Authoritative Sources & Provenance
Related Concepts
General legal information for reference only, reviewed for accuracy but not a substitute for advice from a qualified advocate on your specific facts.