The meaning of ITC can be easily understood when we take the words ‘input’ and ‘tax credit into consideration’. Inputs are materials or services that a manufacturer purchases in order to manufacture ...

There is a VAT threshold for every small business that is set by HMRC and can vary. Once taxable income exceeds the value set for any given financial year, businesses must register for VAT. Failure to ...

Input credit tax means trimming the taxes that are paid on inputs from taxes that are paid on the output. This means that if any supply of goods and services is provided to a taxable individual, the ...