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P1 C3 Introduction To Goods and Service Tax — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C3 Introduction To Goods and Service Tax1 Mark
Question
What is input tax credit?
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Answer

Input Tax Credit $(ITC)$ means, at the time of paying tax on sales, you can reduce the tax you have already paid on purchase.

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