Input Tax Credit - Overview

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....9;) deals with input tax credit (hereinafter referred to as "ITC" or "input tax credit"). 2.1 The terms 'input tax credit' and 'input tax' have been defined by sections 2(63) and 2(62) of the CGST Act respectively as under: 2(63): "Input tax credit" means the credit of input tax. 2(62): "Input tax" in relation to a registered person, means the central tax, State tax, integrate....

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....s Tax (Compensation to States) Act, 2017 as under: "Input tax" in relation to a taxable person, means, - (i) Cess charged on any supply of goods or services or both made to him; (ii) Cess charged on import of goods and includes the cess payable on reverse charge basis; 2.3 In view of the above provisions, ITC can be availed on following types of taxes: a) Tax charged by the supp....