5. What are the ITC rules ? 6. Tell us about block credit? 7. If customer doesn't reverse ITC on credit note, what will you do ?

Question

Accepted Answer

ITC rules allow businesses to claim credit for taxes paid on inputs used in the production of goods or services. Block credit refers to the ITC that cannot be claimed due to certain restrictions. If a customer doesn't reverse ITC on credit note, legal action can be taken.

ITC rules allow businesses to claim credit for taxes paid on inputs used in the production of goods or services
Block credit refers to the ITC that cannot be claimed due to certain restrictions
For example, ITC on food, beverages, and outdoor catering services is restricted
If a customer doesn't reverse ITC on credit note, legal action can be taken

5. What are the ITC rules ? 6. Tell us about block credit? 7. If customer doesn't reverse ITC on credit note, what will you do ?

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