input tax definition

input tax. , in relation to a vendor, means—

input tax means the GST incurred on any purchase or acquisition of goods and services by a taxable person for the purpose of making a taxable supply in the course or furtherance of business.

input tax means the tax paid or payable under this Act by a registered dealer to another registered dealer on the purchase of goods in Tripura in the course of business for resale or for the manufacture of taxable goods or for use as containers or packing material or for the execution of works contract;

Examples of input tax in a sentence

• If either party is entitled under this agreement to be reimbursed or indemnified by the other party for a cost or expense incurred in connection with this agreement, the reimbursement or indemnity payment will not include any GST component of the cost or expense for which an Input Tax Credit may be claimed by the party entitled to be reimbursed or indemnified.

• If any Party has a right to be reimbursed or indemnified for any cost or expense incurred under this NSHA, that right does not include the right to be reimbursed or indemnified for that component of a cost or expense for which the indemnified Party can claim an Input Tax Credit.

• Any reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party, must exclude the amount of any Input Tax Credit entitlement of that party in relation to the relevant cost, expense or other liability.

• A party will be assumed to have an entitlement to a full Input Tax Credit unless it demonstrates otherwise prior to the date on which the Consideration must be provided.

• The Provider must not claim from the Department any amount for which it can claim an Input Tax Credit.

More Definitions of input tax

input tax means tax charged under this Act by a registered dealer to another registered dealer on purchases of goods in the course of business;

input tax means tax paid or payable in respect of a taxable supply to, or an import of goods or services by, a taxable person;

input tax means VAT paid or payable in respect of a taxable supply to, or an import of goods by, a taxable person;

input tax means the value-added tax paid by a VAT-registered person in the course of his trade or business on importation of goods or local purchases of goods or services from a VAT-registered person. It shall also include the transitional input tax determined in accordance with Section 105 of this Code and other transitional input taxes as prescribed by regulations.

input tax. , in relation to a taxpayer, means the VAT charged on the supply to him of any goods or services and the VAT paid or payable by him on the importation of any goods, being (in both cases) goods or services used or to be used for the purpose of any business carried on by him.

input tax means tax paid or payable by a registered dealer in the course of business, on the purchase of any goods made from a registered dealer;

input tax means tax payable by the purchasing dealer to the seller.