alleryInput Tax Credit (ITC) lets a dealer claim credit for
AGST paid on inputs against GST collected on outputs
BIncome tax paid in advance on profits earned
CCustoms duty paid on imports of raw goods
DEducation cess paid on personal income tax
Answer & Solution
Correct answer: A. GST paid on inputs against GST collected on outputs
1. GST is a value-added tax at every supply stage.
2. Dealers pay GST on inputs and collect GST on outputs.
3. ITC allows offset of input tax against output tax.
4. So option A is correct.
_Source: Selina Concise Mathematics Class 10, Ch on Value Added Tax / GST (Mistral OCR'd PDF), section on input tax credit_
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