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What is ITC and on which goods we can claim it?

Question Posted / rana.shashi

Answers were Sorted based on User's Feedback



What is ITC and on which goods we can claim it?..

Answer / mihir

ITC = Input Tax Credit.

This relates to the Purchase Tax paid by any dealer or
manufacturer on purchase of Stock in trade or Raw materials
to be used for manufacturing.

Is This Answer Correct ?    5 Yes 0 No

What is ITC and on which goods we can claim it?..

Answer / satendra kumar paswan

ITC = Input Tax Credit.

This relates to the Purchase Tax paid by any dealer or
manufacturer on purchase of Stock within the state of Raw
materials, packing material to be used for manufacturing &
maintinance items which is repairing purpose of production
machineries

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