BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Legal Aspects of Business Goods and Services Tax (GST)
What benefit does the Input Tax Credit (ITC) mechanism provide businesses under GST?
1
Avoids taxation on production
2
Avoids double taxation
3
Increases the cost of goods/services
4
Applies only to state-level taxes
5
Requires no record keeping