Claiming ITC 🤑🤑🤔🤔💭💭 #indirecttax #money #paylesstaxes #incometax

Wondering how businesses actually claim Input Tax Credit (ITC) under GST? In this short video, we break it down into three super simple steps using a real-world example from our fictional toy shop—Happy Toys.
Let’s say Happy Toys bought toys worth ₹1,00,000 and paid ₹12,000 GST. That ₹12,000 is not lost—it becomes ITC. But how does the shop actually claim it back?
Step 1: The supplier files a return called GSTR-1, reporting that they sold goods worth ₹1,00,000 and collected ₹12,000 GST.
Step 2: Based on this, the GST system auto-generates a form called GSTR-2B for the buyer (Happy Toys). It shows ₹12,000 as eligible ITC.
Step 3: Happy Toys then files GSTR-3B, where it officially claims that ₹12,000 credit to reduce its tax liability.
The entire system is digital, transparent, and designed to help businesses avoid paying tax twice. By keeping proper records and syncing with the GST portal, businesses like Happy Toys can manage their taxes more efficiently and keep more money in their pocket.
This 50-second explainer uses clear narration and intuitive 3D visuals to make GST compliance feel less like a chore—and more like a smart move.
Ready for the Outward Supply Entry next? Or want a carousel post version of these as well?

Видео Claiming ITC 🤑🤑🤔🤔💭💭 #indirecttax #money #paylesstaxes #incometax канала Knowlege_Verse