ERP glossary · Accounts
What is Input tax credit (ITC)?
Definition
Input tax credit lets a business reduce the GST it owes by the GST it has already paid on purchases used for its business.
To claim it, the purchase must be supported by a valid tax invoice and must appear in the supplier's filed returns.
Related terms
All glossary termsStart running your business on IndustryX today
Free forever* for 2 users. Upgrade when you grow, and your data comes with you.