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The basics of Input tax credit and how to claim it under GST

Learn about the critical considerations to keep in mind while claiming ITC under GST.

Who would not want to claim the right input tax credit (ITC)? 

But claiming input tax credit is a major pain point under the Goods and Services Tax since its inception.

It was designed to bring Goods and Services Tax (GST) “a seamless flow of credit,” reducing the cascading effect of various taxes and the non-availability of credit across different taxes that exists under the country’s present taxation system.

ITC also makes the businesses competitive globally by ensuring that only goods/services are exported and not taxes as part of the cost. Hence, claiming ITC under GST is a vital process conducted regularly. 

However, claiming ITC is not a cakewalk process. The Model GST Law (MGL) prescribes several restrictions on input tax credit which can be extremely difficult to understand.

If you have any questions about ITC, you wouldn’t want to miss our on-demand webinar where we discussed practical challenges of Input tax credit faced by various industries.

Sign up now and check out our discussion with guest speaker and GST expert, CA Manas Joshi, along with Chandrashekar Ramaswamy, Director of Product Management- Avalara, where we discussed:

  • Concept of Input tax credit
  • Eligibility of input tax credit
  • Understanding and solving practical issues in the reconciliation of ITC as per books and GSTR-2A
  • Live Q&A

Sign up now to watch our on demand webinar where we revealed important considerations to keep in mind while claiming ITC under GST.

On-demand Webinar

Duration: 1 hour

Cost: Absolutely free