How to differentiate Credit Transfer Document with Input Tax Credit?
What is Credit Transfer Document? How does Input Tax Credit work under GST regime? What are the difference between Credit Transfer Document and Input Tax Credit?
The concept of Credit Transfer Document (CTD) has been recently introduced in GST to transfer CENVAT credit paid on specified goods available with a trader on GST implementation date. In this article, we look at GST Credit Transfer Document in detail.
ITC is a mechanism to ensure that the supplier needs to pay GST in cash only on the value addition. ITC mechanism thereby 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 details about Credit Transfer Document and Input Tax Credit with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Credit Transfer Document and Input Tax Credit, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Credit Transfer Document and Input Tax Credit separately below. You may kindly read the below links to know more about Input Tax Credit and Credit Transfer Document.
Term Credit Transfer Document under GST
Meaning of term Input Tax Credit under GST
The above information easily explains about Input Tax Credit and Credit Transfer Document.
We hope, you have satisfied with the difference between Credit Transfer Document and Input Tax Credit explained above. Do you have different thought on difference between Input Tax Credit and Credit Transfer Document?
Share below your thoughts about Credit Transfer Document and Input Tax Credit
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