The Heart of the GST System
Input Tax Credit (ITC) is the biggest advantage of the entire GST system. It allows you to subtract the GST you paid on your purchases (inputs) from the GST you collect on your sales (outputs), so you only pay the "net" difference to the government.
Are you eligible?
To claim ITC, you must hold a valid tax invoice, have actually received the goods/services, and have filed your returns on time. Most importantly, the items must be used for business purposes only; personal laptops or luxury cars are usually disallowed!