Input Tax Credit definition

Input Tax Credit means the credit of input tax;

Input Tax Credit has the meaning given by the GST Law and a reference to an Input Tax Credit entitlement of a party includes an Input Tax Credit for an acquisition made by that party but to which another member of the same GST Group is entitled under the GST Law. Taxable Supply has the meaning given by the GST Law excluding (except where expressly agreed otherwise) a supply in respect of which the supplier chooses to apply the Margin Scheme in working out the amount of GST on that supply.

Input Tax Credit has the meaning given to that term by the GST Law.

Examples of Input Tax Credit in a sentence

• Further, it is the responsibility of the bidders to make all possible efforts to make their accounting / IT system GST compliant in order to ensure availability of Input Tax Credit (ITC) to Oil India Ltd.

• Tenderers will ensure that full benefit of Input Tax Credit (ITC) likely to be availed by them is duly considered while quoting rates.

• Bidders are required to pass on the benefit arising out of introduction of GST, including seamless flow of Input Tax Credit, reduction in Tax Rate on inputs as well as final goods by way of reduction of price as contemplated in the provision relating to Anti-Profiteering Measure vide Section 171 of the CGST Act, 2017.

• If the Input Tax Credit is found to be not admissible at any stage subsequently owing to wrong furnishing of GST Rate, then the vendors will be liable to refund such non-admissible amount, if already paid, along with penalty if charged by the concerned authority.

• In case Input Tax Credit of GST is denied or demand is recovered from OIL by the Central / State Authorities on account of any non-compliance by bidders, including non-payment of GST charged and recovered, the Vendor/Supplier/Contractor shall indemnify OIL in respect of all claims of tax, penalty and/or interest, loss, damages, costs, expenses and liability that may arise due to such non-compliance.

More Definitions of Input Tax Credit

Input Tax Credit means the input tax claimable by a registered person.

Input Tax Credit means credit of ‘input tax’ as defined in section 2(56);

Input Tax Credit means credit of ‘input tax’ as defined in sub-section (55);

Input Tax Credit has the meaning given in section 195-1 of the A New Tax System (Goods And Services Tax) Xxx 0000 (Cwlth);

Input Tax Credit has the meaning given in section 195-1 of the GST Act. 'Inspector' means a person appointed as such under the WHS Act. ‘Instance’ means the provision of Program Services to a Participant receiving Flexible Ongoing Support, in accordance with any Guidelines. ‘Intellectual Property Rights’ includes: all copyright (including rights in relation to phonograms and broadcasts); all rights in relation to inventions (including patent rights), plant varieties, trademarks (including service marks), designs, circuit layouts; and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields, but does not include: Moral Rights; the non-proprietary rights of performers; or rights in relation to confidential information.

Input Tax Credit means the amount You are entitled to claim as a credit against GST that You have paid.

Input Tax Credit has the meaning it has in the GST Act. A person is Insolvent if: