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What are Input Tax Credits for GST?

Input Tax Credits (ITCs) are important to relieving business inputs from the Goods & Services Tax (GST) and thereby avoid tax pyramiding, where the business qualifies for the use of the Input Tax Credit to attain the appropriate refund / set-off for those goods and services that are purchased for use in a commercial activity. Input tax credits claimed by the registrant for a particular reporting period are subtracted from the tax collected on goods and services during that same period to arrive at the Net Tax Payable. #tax #taxlaw #gst