How to differentiate GST Returns with Input Tax Credit?
What is GST Returns? How does Input Tax Credit work under GST regime? What are the difference between GST Returns and Input Tax Credit?
The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto-reversal of Input Tax Credit in case of mismatch.
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 details about GST Returns 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 GST Returns 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 GST Returns and Input Tax Credit separately below. You may kindly read the below links to know more about Input Tax Credit and GST Returns.
GST Returns Means
Meaning of term Input Tax Credit under GST
The above information easily explains about Input Tax Credit and GST Returns.
We hope, you have satisfied with the difference between GST Returns and Input Tax Credit explained above. Do you have different thought on difference between Input Tax Credit and GST Returns?
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