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taxwink  
#1 Posted : Sunday, August 16, 2020 6:33:16 PM(UTC)
taxwink

Rank: Member

Groups: Registered
Joined: 8/16/2020(UTC)
Posts: 10
India
Location: Jaipur

The term Input Credit is used in GST while paying tax. Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs.

For example; Let’s say you are a product manufacturer - tax payable on output (FINAL PRODUCT) is Rs 500. tax paid on input (PURCHASES) is Rs 300. You can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 200 in taxes.
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