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Blocked credit under GST

1 month ago

ID: #314468

Listed In : Accounting

Business Description

"A seamless credit flow is the base of an efficacious GST mechanism whereby a cascading effect of taxes is eliminated through a chain of tax credit allowed for set-off against output tax liability at each stage.

With the introduction of the GST in India, expectations were high on seamless availability of Input Tax Credit ('ITC) on various business expenses such as employee insurance, business travel, rent-a-cab, etc., that are currently 'blocked' under the GST law.

Know more about Blocked credits at TaxGyata"

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