Indirect Tax Specialist Interview Questions and Answers

Input credit working is a mechanism where businesses can claim credit for taxes paid on purchases used for furtherance of business.

• Input credit can be claimed on taxes paid on goods and services used for business purposes

• The credit can be used to offset the tax liability on output supplies

• Input credit cannot be claimed on goods and services used for personal purposes

• Example: A business purchases raw materials and pays GST on it. The GST paid can be claimed as input credit and...read more