Input Tax Credit CA Chandrasekhar Kutty The concept of input credit is the core of GST and there is seamless credits available meaning thereby whether you are buying inter state or intra state you can set offyour output tax with the input tax credit available. Similarly tax paid for goods can be set off against the output tax payable on services. This is a major shift in the GST era where all the inputs used for the business can be used to set off the output tax of the same business, though there are few exceptions to that. Before understanding the concept it is important for us to understand few definitions under GST law: What is Input? Section 2(59) of the CGST Act defines it as “Goods other than capital…
