state gov TSPSC Group 2 (తెలంగాణ గ్రూప్ 2) Mock Test Series General Knowledge Economy Money and Banking
Consider the following statements regarding the Input Tax Credit (ITC):
1. It is a mechanism to avoid cascading of taxes.
2. The Goods and Services Tax mechanism in India does not incorporate the ITC.
Which of the statements given above is/are correct?1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2