LEGAL WORD
Input tax credit
Legal term · Tax law
Input tax credit
- Type: Legal term
- Area of law: Tax law
1 What it means
Credit for GST paid on purchases, which can be set off against GST payable on sales.
2 Use it in a sentence
The business claimed input tax credit on raw materials.
3 Make it stick
Write your own sentence using Input tax credit about a case or topic you are studying this week, then check it against the meaning above.
4 Related words
Legal dictionary: all 366 words · Today's Word of the Day · Weekly quiz
← Injuria sine damnoInsider trading →
Educational content only, not legal advice.