Accounting for GST (Class 11th) | Lecture 8 | Reversal of Input tax Credit

This lecture deals about the reversal of Input tax credit. 1) Concept of Reversal of Input tax credit 2) Transactions in which reversal of ITC is done. 3) Transactions in which Reversal of ITC is not possible. Links for previous lectures are:- Lesson 1 | Types of Taxes (Direct & Indirect) https://www.youtube.com/edit?o=U&video_id=-hvhcAZKF-w Lecture 2| Types of GST’s (CGST, SGST and IGST) https://www.youtube.com/edit?o=U&video_id=Z4mxtsNfdo4 Lecture 3| GST Mechanism (How GST is charged) https://www.youtube.com/edit?o=U&video_id=1jiRbfoeSdo Lecture 4 | Parties of GST & Input & Output GST https://www.youtube.com/edit?o=U&video_id=c-AdPP2XaZQ Lecture 5 | Reverse Charge Mechanism https://www.youtube.com/edit?o=U&video_id=M4p12W-SGtg Lecture 6 | Goods and Services exempted under GST https://www.youtube.com/edit?o=U&video_id=gpxDA2yv9SQ Lecture 7 | Concept of Input tax Credit https://www.youtube.com/edit?o=U&video_id=6U_BmkT1weg