How to differentiate Input Tax Credit with Non-GST taxes?
What is Input Tax Credit? How do Non-GST taxes work under GST regime? What is the difference between Input Tax Credit and Non-GST taxes?
ITC mechanism avoids cascading of taxes that is ‘tax on tax’. Under the previous system of indirect taxation, credit of taxes being levied by Central Government was not available as set-off for payment of taxes levied by State Governments, and vice versa.
The new Goods and Services Tax (GST) is the biggest indirect tax reform in India since independence. It is often assumed to be a complete unification of all indirect taxes currently levied in India by Central and State governments, but the reality is a little different. Though it is true that most major indirect taxes will be subsumed under GST, there are still certain products on which the indirect taxes will not be covered. Typically, this is when the taxes are either outside the purview of the GST constitutional amendment, or there is an agreement between Centre and States to defer their inclusion.
The details about Input Tax Credit and Non-GST taxes with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Input Tax Credit and Non-GST taxes, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Input Tax Credit and Non-GST taxes separately below. You may kindly read the below links to know more about Non-GST taxes and Input Tax Credit.
Meaning of Input Tax Credit Mechanism in GST
Meaning of Non-GST taxes
The above information easily explains about Non-GST taxes and Input Tax Credit.
We hope, you have satisfied with the difference between Input Tax Credit and Non-GST taxes explained above. Do you have different thought on difference between Non-GST taxes and Input Tax Credit?
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