Calculate your Input Tax Credit and net GST liability. Know how much you owe or can claim as refund.
ITC is the GST you paid on purchases (inputs). You can deduct this from the GST you collected on sales (output). Pay only the difference to the government. If input > output, you can claim a refund!
You CAN claim ITC on: Raw materials, goods for resale, machinery/equipment, office supplies, professional services, transportation (if documented), inputs used in business.
You CANNOT claim ITC on: Motor vehicles (except for specific business use), Food/beverages, Health services, Rent-a-cab/travel, Club memberships, Personal expenses, Works contract services (for immovable property).
✅ You must have a valid tax invoice
✅ Goods/services must be received
✅ Supplier must have filed their GSTR-1
✅ You must have paid your supplier (within 180 days)
✅ Your GSTR-3B must be filed
Critical Deadline: You can claim ITC up to the earlier of:
1. Due date of filing GSTR-3B for September of next financial year, OR
2. Date of filing annual return (GSTR-9)
Example: For FY 2025-26 purchases, claim ITC by September 2027 (when filing GSTR-3B for Aug 2027).
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