ITC is also known as Input Tax Credit, it is the tax paid by the business on a purchase and it can be used to reduce its tax liability when sales are made. In general, the tax liability of businesses can be reduced by claiming credit to the extent of GST paid on purchases.
We all know that GST is an integrated tax system where every purchase by a business should be matched with the sale of another business.
The registration process is same as mentioned in the registration section.
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