Please Explain this Statement with an Example
"Earlier the trader was not able to take ITC of Services provided and service provider was not able to take the ITC of goods sold. But now in GST trader can take ITC of services provided and service provided can take ITC of goods sold" ?
Earlier both the tax regime were independent of each other so ITC of VAT could not be claimed in ST, & vice versa. But now everything has come under one umbrella, there being only one ITC, may it be of goods or service, so it can be claimed against any of the GST output!!!
CAclubindia
