GST Input Tax Credit

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What is the basic concept behind GST Input Tax Credit?

  1. The amount of GST paid on purchases can be set off against the GST payable on sales.
  2. The amount of GST paid on purchases can be claimed as a refund.
  3. The amount of GST paid on purchases is added to the cost of goods sold.
  4. The amount of GST paid on purchases is not considered in GST calculations.
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