Input Tax Credit (ITC) is a mechanism under GST that allows businesses to set off the GST paid on their purchases against the GST they collect in their sales. Claiming Input Tax Credit (ITC) is very crucial to reduce your tax liability.
Blocked Credit refers to input tax credit that cannot be claimed by a business due to certain restrictions. We must be very careful to ascertain Blocked Credit and also must take only eligible ITC. Our team of experts can help you to identify and manage eligible credits, ensuring compliance with GST regulations and minimizing losses.