Here, while paying the tax on his output, he can deduct or take credit for the tax he paid while purchasing inputs. Input tax credit will not be available for goods or services exclusively used ...

According to the source, the proposal is to impose a ceiling on the input VAT that would be eligible for deduction from the output VAT in the computation of actual tax payable to the Bureau of ...

To calculate the input tax credit applicable, one can follow these steps: 1) Find out if you are eligible to claim an ITC. 2) Determine the percentage of use in your commercial activity.