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

• Section 16 of the CGST Act deals with the eligibility and conditions for taking Input Tax Credit.

• Table-1 Sl. No.Price ConstituentsAmount (In Rs.) The benefits arising out of implementation of GST Act and Rules in the form of Input Tax Credit or otherwise is already considered while determining the Final Purchase Consideration and the Allottee shall not claim, demand, or dispute in regard thereto.

• The evaluation and comparison of responsive tenders shall be done on the basis of cost to BSNL, considering GST as Input Tax Credit.

• If the bidder emerges as lowest bidder after such loading, in the event of order on that bidder, taxes mentioned by OIL on the Purchase Order/ Contracts will be binding on the bidder.4. 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.

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

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

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