Meaning of "Input Tax Credit" under GST [Section 2(63) of CGST Act]

2(63).1 Meaning of Input Tax Credit

Section 2(63)

input tax credit” means the credit of input tax

 

2(63).1.1 Meaning of Input tax

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For meaning of input tax refer section 2(62)

 

2(63).1.1 Questions & Solution

Question-1 [FAQ-22/12/18-Ch10-2]

What is Input Tax Credit?

Ans. Input Tax Credit means the credit of input tax on the supplies of goods or services or both received by a registered person.

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