What is Input Tax Credit?

ITC

Definition

The credit a business claims for GST already paid on purchases, offset against GST collected on sales.

In depth

ITC prevents tax-on-tax. EazyCXM records purchase GST so credits reconcile cleanly against output tax.

Quotes & Finance

Related terms

More on Quotes & Finance

CPQ

Software that helps sales teams configure products, apply correct pricing and generate accurate quotes quickly.

Quotation

A formal document offering products or services at stated prices and terms.

Sales Order

A confirmed customer order that authorises fulfilment and billing.

Invoice

A document requesting payment for goods or services delivered, with tax and totals.

Input Tax Credit, made practical

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