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Business Studies

Benefits and Disadvantages of Statutory Corporation

With referenc...

Question

With reference to Goods and Services Tax, the term ITC stands for 'Input Tax Credit'.

A

True

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B

False

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Solution

The correct option is A True

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Q. With reference to Goods and Services Tax, the term ITC stands for:

Input Tax Credit (ITC) is the deduction of the input tax from the output tax.

Q. Which tax is paid to government for the sales of certain goods and services?

GST payable = Output Tax - Input Tax Credit

Q. Find the marked price of the refrigerator, if its selling price along with goods and servies tax is given.

S . P = R s 12, 760

; rate of goods and services tax

= 10 %

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Benefits and Disadvantages of Statutory Corporation

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