Delhi
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Input Tax Credit (ITC) allows businesses to reduce their tax liability by claiming credit for the taxes paid on purchases and expenses related to their operations. Under GST, ITC can be claimed on goods and services used for business purposes. To claim ITC, businesses must ensure that their suppliers have filed their GST returns, and the input tax must be reflected in the GST portal. Additionally, businesses need to maintain proper invoices and records for verification. Claiming ITC helps in reducing the overall tax burden and ensuring smooth cash flow for businesses.
Delhi
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