- Input tax credit means the credit of central tax, state/ union territory tax and integrated tax available to a registered person on the inward supply of goods or services or both, made to him excluding the tax paid on supplies liable to composite tax.
- It further includes the integrated tax applicable on import of goods or services and the tax payable under reverse charge mechanism.
(ICAI FAQ PUBLICATION 06-09-2017 INPUT TAX CREDIT: FAQ NO.2)