Demystifying ITC Reversal in CGST: Rules and Significance

October 11, 2023 ⚊ 1 Min read ⚊ Views 48 ⚊ BLOG

Discover the essentials of Input Tax Credit (ITC) reversal within the Central Goods and Services Tax (CGST) framework. Learn why ITC is pivotal, its role in countering tax cascading, and how to calculate reversals. Understand the rules for various scenarios, including personal use, exempt supplies, and non-payment to suppliers, to ensure financial transparency and compliance.

Read details: https://www.oxyzo.in/blogs/reversal-of-input-tax-credit-a-detailed-guide-for-businesses/88616

Tags: Input Tax Credit, ITC Claims