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of <h1>Understanding Input Tax Credit in GST: Eligibility, Utilization, and Restrictions Explained</h1> The Input Tax Credit (ITC) mechanism under the Goods and Services Tax (GST) system aims to eliminate the cascading effect of taxes, where tax is levied on tax. Previously, taxes levied by the Central and State Governments could not be set off against each other, leading to a cascading effect. GST subsumes various indirect taxes into a single levy, allowing for seamless credit across the supply chain. ITC allows businesses to offset taxes paid on inputs against taxes payable on outputs, ensuring tax is only paid on the value added. Specific rules govern the eligibility, utilization, and restrictions of ITC, including conditions for availing credit, documentation requirements, and exclusions. Special provisions exist for construction services and changes in business structure.
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