GST | Input Tax Credit (ITC) | Accounting : Journal Entries with EXAMPLES



GST | Input Tax Credit (ITC) | Accounting : Journal Entries with EXAMPLES
Goods and Services Tax (GST) has same concept of Input Tax Credit (ITC) as in present Value Added Tax (VAT) system with some new provisions. Here in this video we attempt to explain the concept of Input Tax Credit (ITC) with Accounting or journal entries and some examples.
Input tax is the GST incurred on any purchase or acquisition of goods and services while output tax is the GST collected by seller from buyer while selling goods and services. Input tax credit can be claimed by offsetting input tax with output tax.

Input tax Credit | GST | GST Input Tax Credit | GST ITC | GST Accounting | GST Journal Entries
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