Input Tax Credit Clause Samples
The Input Tax Credit clause defines the right of a business to claim a credit for the tax paid on purchases and expenses used in the course of its operations. In practice, this means that when a business acquires goods or services and pays value-added tax (VAT) or goods and services tax (GST) on those inputs, it can offset that amount against the tax it collects on its sales. This mechanism ensures that tax is only paid on the value added at each stage of the supply chain, preventing double taxation and reducing the overall tax burden for businesses.
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Input Tax Credit. Despite any other provision of this Lease, if a Payment due under this Lease (including any contribution to Outgoings) is a reimbursement or indemnification by one party of an expense, loss or liability incurred or to be incurred by the other party, the Payment shall exclude any part of the amount to be reimbursed or indemnified for which the other party can claim an Input Tax Credit.
Input Tax Credit. To the extent that one party is required to reimburse another party for costs incurred by the other party, those costs do not include any amount in respect of GST for which the other party is entitled to claim an Input Tax Credit.
Input Tax Credit. Any fees which the parties agree to be payable to the Lead Manager and any other amounts payable to the Lead Manager under this Agreement are to be agreed and calculated to be exclusive of GST. However, if any amounts payable to the Lead Manager under this Agreement are calculated by reference to a cost or expense incurred by the Lead Manager, the amount payable to the Lead Manager under any other provision of this Agreement must be reduced by the amount of any input tax credit to which the Lead Manager reasonably determines it (or the representative member of the same GST group of which the Lead Manager is a member) is entitled for an acquisition in connection with that cost or expense.
Input Tax Credit. If either Party reimburses the other Party for any expense incurred in connection with supplies made under the Contract, the amount payable will equal the cost of the expense less the input tax credit claimed in connection with that expense, plus GST.
Input Tax Credit. ITC applies to Excise and VAT based on which landing cost is calculated. E1 Sale is other option for Cost saving to customer. The statuary deduction like TDS, WCT, PF, ESI, etc., is limited to Work Order Value only.
Input Tax Credit. Recipient, Supplier and Supply have the meaning they bear in the Act.
Input Tax Credit. If an amount is or becomes payable, whether by way of reimbursement, indemnity, damages or otherwise:
(i) if the amount is calculated by reference to costs, expenses or losses suffered, the amount of the costs, expenses or losses will be the actual amount less the amount of any Input Tax that is capable of being credited against Output Tax (or otherwise refunded by the ITO). Any Input Tax will be assumed to be capable of being fully credited against Output Tax, whether in current or future tax periods, or otherwise refunded by the ITO, unless the party that paid the Input Tax can demonstrate that its entitlement is otherwise before entering into the Contract; and
(ii) if the amount is calculated by reference to any loss of revenue or profits, the revenue will be taken to be revenue which would have been earned exclusive of VAT.
Input Tax Credit. To the extent that one party is required to reimburse another party for costs incurred by the other party, those costs do not include any amount in respect of GST for which the other party is entitled to claim an Input Tax Credit. ▇▇▇▇▇ Printers Pty Ltd trading as ▇▇▇▇▇ Print / 21 008 719 515 / Current as at June 2021, supersedes previous versions
Input Tax Credit. Any fees which the parties agree to be payable to each Joint Lead Manager and any other amounts payable to each Joint Lead Manager under this Agreement are to be agreed and calculated to be exclusive of GST. However, if any amounts payable to a Joint Lead Manager under this Agreement are calculated by reference to a cost or expense incurred by the relevant Joint Lead Manager, the amount payable to the relevant Joint Lead Manager under any other provision of this Agreement must be reduced by the amount of any input tax credit to which the relevant Joint Lead Manager reasonably determines it is entitled for an acquisition in connection with that cost or expense.
Input Tax Credit. If any party is required to reimburse the Payee for any Costs, the amount of the Costs is reduced by the amount of any Input Tax Credit to which the Payee is entitled.