Input Tax Credit- Meaning as per CGST Act

Input Tax Credit- Meaning as per CGST Act

According to section 2(63) of the CGST Act, 'input tax credit' means "the credit of input tax". The term "input tax" is defined by section 2(62) as follows:

"input tax" in relation to a registered person, means the central tax, State tax, integrated tax or union territory tax charged on any supply of goods or services or both made to him and includes-

(a) the integrated goods and services tax charged on import of goods;

(b) the tax payable under the provisions of sub-sections (3) and (4) of section 9;

(c) the tax payable under the provisions of sub-sections (3) and (4) of section 5 of the Integrated Goods and Services Tax Act;

(d) the tax payable under the provisions of sub-sections (3) and (4) of section 9 of the respective State Goods and Services Tax Act; or

(e) the tax payable under the provisions of sub-sections (3) and (4) of section 7 of the Union Territory Goods and Services Tax Act,

but does not include the tax paid under the composition levy.