The taxes paid by the purchaser to the dealer on buying an item are synced with the sales tax and is paid to the Government. This is known as the input tax credit. In order to avail the input tax credit, taxpayer must have a receipt, invoice or a debit note issued by the dealer. The tax must be given by the supplier to the government to avail the ITC.
GST, a unified tax regime for indirect taxes. This is perhaps the biggest tax reform in the regime of indirect taxes as it succeeds a number of indirect taxes that are applicable under the current regime.
The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over.
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