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Common Credit Formula

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Common Credit refers to the input tax credit that is available to a taxpayer for goods or services that are used for both taxable and exempt supplies. Check FAQs

CC = TEC - NITC

CC - Common Credit?TEC - Total Eligible Credit?NITC - Normal Input Tax Credit?

Common Credit Example

With values

With units

Only example

Here is how the Common Credit equation looks like with Values.

Here is how the Common Credit equation looks like with Units.

Here is how the Common Credit equation looks like.

7690 = 7920 - 230

7690 = 7920 - 230

7690 = 7920 - 230

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Common Credit Solution

Follow our step by step solution on how to calculate Common Credit?

FIRST Step Consider the formula

CC = TEC - NITC

Next Step Substitute values of Variables

∴

CC = 7920 - 230

Next Step Prepare to Evaluate

∴

CC = 7920 - 230

LAST Step Evaluate

∴

CC = 7690

Common Credit Formula Elements

Variables

Common Credit

Common Credit refers to the input tax credit that is available to a taxpayer for goods or services that are used for both taxable and exempt supplies.

Symbol: CC

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Common Credit

Total Eligible Credit

Total Eligible Credit refers to the maximum amount of credit or funds that a person or entity is qualified to receive based on certain criteria.

Symbol: TEC

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Eligible Credit

Normal Input Tax Credit

Normal Input Tax Credit refers to the credit that registered businesses can claim for the GST they have paid on their purchases or inputs used for their business activities.

Symbol: NITC

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Normal Input Tax Credit

Other formulas in Tax category

Go Tax Equivalent Yield

TEQY = \frac{TFY}{1 - TR}

Go Sales Tax Amount

STA = P \cdot (\frac{ST}{100})

Go Total Sales Tax

TST = P + STA

Go Effective Tax Rate

ETR = \frac{TEE}{EBT}

How to Evaluate Common Credit?

Common Credit evaluator uses Common Credit = Total Eligible Credit-Normal Input Tax Credit to evaluate the Common Credit, Common Credit is the input tax credit amount that cannot be attributable to a specific supply but is used for partly making both the taxable and non-taxable supplies/supplies used for personal consumption. Common Credit is denoted by CC symbol.

How to evaluate Common Credit using this online evaluator? To use this online evaluator for Common Credit, enter Total Eligible Credit (TEC) & Normal Input Tax Credit (NITC) and hit the calculate button.

FAQs on Common Credit

What is the formula to find Common Credit?

The formula of Common Credit is expressed as Common Credit = Total Eligible Credit-Normal Input Tax Credit. Here is an example- 7690 = 7920-230.

How to calculate Common Credit?

With Total Eligible Credit (TEC) & Normal Input Tax Credit (NITC) we can find Common Credit using the formula - Common Credit = Total Eligible Credit-Normal Input Tax Credit.

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Common Credit Formula

Common Credit Example

Common Credit Solution

Common Credit Formula Elements

Other formulas in Tax category

How to Evaluate Common Credit?

FAQs on Common Credit

Variable Name