Businesses, making claims for input tax? Be sure to watch this video first to find out the kinds of expenses that can and cannot be claimed as input tax. For the full series on common input tax errors, visit https://www.iras.gov.sg/irashome/GST/GST-registered-businesses/Working-out-your-taxes/Can-I-claim-GST/Conditions-for-Claiming-Input-Tax/ | IRAS
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Day 11 – 30 Days GST Challenge Topic: Input Tax Credit (ITC) – Part 1 Today’s reel covers the fundamentals of Input Tax Credit, a cornerstone of the GST system. Here’s what you’ll learn: 1. What is Input Tax Credit? GST credit available on purchase of Inputs, Input Services, and Capital Goods used for business. 2. Cross Utilization of Credit IGST can be set off against CGST and SGST. CGST and SGST can be adjusted in specific sequences. Know what combinations are not allowed. 3. Reverse Charge Me
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