One can avail the input tax credit on the following goods:
Inputs held as stock
Inputs contained in semi-finished goods or finished goods held as stock
Capital goods (only in cases where composition taxpayer opts out from the composition scheme and opts to pay the tax as a normal taxpayer or where the supply of exempted goods and/or services becomes a taxable supply) (reduced by a certain percentage, if any, in this case).
Yes, GST can be paid online through the GST portal.
GST is calculated as a percentage of the value of the goods or services supplied, depending on the GST rate applicable to that particular item.
The GST rate in India varies depending on the nature of goods or services supplied, ranging from 0% to 28%.
GST simplifies the taxation process for industries, mitigates double taxation, and reduces the compliance burden. It makes Indian products competitive in the domestic and global markets, enhances ease of doing business, and supports sustainable economic growth.