Download PDF of GST Input Tax Credit Mechanism
One of the key features of Goods and Services Tax is an uninterrupted, seamless chain of an input tax credit. Input Tax Credit is a mechanism that avoids the ‘tax on tax’ scenario. The most important feature of the GST system is that it allows for businesses all across the country to fall under the same set of rules.
Input Tax Credit Mechanism in GST
Goods and Services Tax (GST) would mitigate such cascading of taxes. Under this new system, most of the indirect taxes levied by Central and State Governments on the supply of goods or services or both would be combined together under a single levy.
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