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Updated 4 Nov 2022
Q1. GST, What is GST, Details in blocked ITC
Ans.
GST is a tax system implemented in India in 2017. Blocked ITC refers to Input Tax Credit that cannot be claimed by businesses.
GST stands for Goods and Services Tax, a unified tax system in India
It was implemented in 2017 to replace multiple indirect taxes
Blocked ITC refers to Input Tax Credit that cannot be claimed by businesses
Blocked ITC includes expenses on food, beverages, and outdoor catering
It also includes expenses on health and life insurance for employees
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