The conversation between human and AI assistant.
What is input tax credit and output tax credit?
Can you explain to me what input tax credit and output tax credit are?
Sure, I'd be happy to explain that. Input tax credit is a credit that a business can claim for the tax it has paid on the inputs used in the manufacturing or sale of goods or services. Output tax credit, on the other hand, is a credit that a business can claim for the tax it has paid on the sale of goods or services.