Unlock Smart Tax Savings with Input Tax Credit (ITC) under GST: Your Guide to Simplified Management

ITC (Input Tax credit) means the tax which has already been paid by a registered business on purchase of goods or services for their business.
For eg. A manufacturer buys good for ₹10000+₹1800 (18% GST) next he sells the product for ₹15000 + 2700(18%GST)

Now the Manufacturer can claim this ₹1800 while filling his/her GST as ITC Claim and has to pay only 900(2700-1800) for settling his/her GST. 

However, there are some things to keep in mind:

  • You can only claim ITC on eligible purchases used for your business. For example, you can’t claim ITC on food you buy for personal use.
  • You need to follow certain rules and procedures to claim ITC, including filing GST returns correctly.

In a nutshell, ITC is just claiming back the GST which you have already paid to the government through your seller. 

So rather than paying the complete gst as mentioned in the above example, of ₹2700, you need to pay only ₹ 900.

Filing your GST with YourBooks in a Giffy!

  • Go to YourBooks accounts. 
  • Click on the GST Tab and select GSTR-1.
  • Choose your filling period.
  • Check your Invoices for the applied period.
  • Click on Save, it will give you a reference no. if successfully saved.
  • You can go on the GST Portal to cross verify your invoices appearing there.
  • Click on the File button and that’s it your GST is filled with YourBooks.

Why Choose YourBooks for Your ITC Journey?

Managing ITC can feel like navigating a maze, but don’t worry! YourBooks simplifies the process with its expert-driven approach:

  • Swift and Accurate Results: Get your ITC reconciled in just 10 days, without breaking a sweat.
  • Effortless Alignment: No more inconsistency between your records and the GST portal. We ensure they sing in harmony.
  • Maximized Credits: Our specialist system meticulously identifies all eligible ITC, making sure you don’t leave any money on the table.
  • Reduced Errors: Breathe easy knowing you’re safe from stress and potential penalties due to mistakes.
  • Seamless Compliance: Enjoy a smooth and transparent GST experience, leaving the complexities to us.

With YourBooks as your partner, ITC transitions from a mere concept to a powerful tool for saving money and streamlining your business operations. 

Let’s embark on your GST journey together, starting with your first delicious cookie (and all the delicious tax savings it brings with YourBooks!