How to differentiate Input Tax Stock with ITC Ledger of Tax Payer?
What is Input Tax Stock? How does ITC Ledger of Tax Payer work under GST regime? What are the difference between Input Tax Stock and ITC Ledger of Tax Payer?
GST is a significant reform in the field of indirect taxes in our country. Multiple taxes lev-ied and collected by the Centre and States would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or ser-vices or both.
Input Tax Credit as self-assessed in monthly returns will be reflected in this ledger. The credit of this ledger can be used for payment of TAX ONLY and not for payment of interest, fines, fees etc.
The details about Input Tax Stock and ITC Ledger of Tax Payer with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Input Tax Stock and ITC Ledger of Tax Payer, 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 Stock and ITC Ledger of Tax Payer separately below. You may kindly read the below links to know more about ITC Ledger of Tax Payer and Input Tax Stock.
Input Tax Stock under GST
Meaning of ITC Ledger of Tax Payer under GST
The above information easily explains about ITC Ledger of Tax Payer and Input Tax Stock.
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