Input Tax Credit (ITC) allows businesses to claim credit for GST paid on purchases (inputs) against their GST liability on sales (output). This prevents cascading of taxes.
ITC can be claimed on:
- Goods purchased for business use
- Services received for business purposes
- Capital goods
ITC cannot be claimed on:
- Personal use items
- Food and beverages (except for hospitality business)
- Membership of clubs
- Items used for exempt supplies
Examples
- A manufacturer claiming ITC on raw materials purchased
- A service company claiming ITC on office rent and software subscriptions
View in Tax Calendar
See all GST filing deadlines for ITC claims in our Tax Calendar with month-by-month breakdowns for the current year.
Open Tax Calendar