|ITC Full Form||Indian Tobacco Company|
|ITC Full Form||Input Tax Credit|
|ITC Full Form||International Trade Center|
|ITC Full Form||Independent Telephone Company|
Indian Tobacco Company
ITC Stand for Indian Tobacco Company. It is the largest Cigarettes manufacturing company in India. It is a private company. It runs business in five different types of segments which includes
- Fast Moving Consumer Goods (FMCG)
- Packaging and Paperboards
- Information Technology
ITC’s Products and Brands
Cigarettes: 80% of the profits of this company are from Cigarettes. It sells 81% of Cigarettes in India, where 275 Million people use tobacco products. Its following Cigarette Brands are
- Wills NavyCut
- Gold Flake Kings
- Gold Flake Premium light
- Gold Flake Super Star
- India Kings
- Silk Cut
- Lucky Strike
- Flake and Duke
Food : Its food business consists of 6 categories (Snack Foods, Ready To – Eat Meals, Fruit Juices, Dairy Products and Confectionary). Its Major Food Brands are
Stationery: This includes Classmate, PaperKraft and Color Crew. ITC launched a Stationery Brand Classmate in 2003 which became quite popular and in 2007 came to be India’s biggest brand.
Personal Care Products: Perfumes, Haircare and Skincare related products are produced in it. The main brands include Fiama Di Wills, Vivel, Essenza Di Wills, Superia and Engage.
Input Tax Credit
Input tax credit is an exemption from the government for goods manufacturers. In GST, the government has given a big relief to the producers.
Before understanding Input Credit, it is important to know what is Input Tax and Output Tax. Because, Input Credit is received in return for Input Tax and Input Credit is used only for paying Output Tax.
- In the language of taxation, the tax collected on its sales (Outward Supply) is called Output Tax.
- In the language of taxation, this tax paid on its purchases is called Input Tax.
A sold goods worth Rs.1000 to B on which B paid GST at the rate of 12%. Next B added some value to this good and sold it at 1500 + 12 GST to customer. In this case, let’s look at the calculation of payment of GST by B.
|Gst Payable ( 1500 * 12 %)||180|
|Input tax Credit Available ( 1000 *12 %)||120|
|Net Gst Payable||60|
International Trade Center
The International Trade Centre (ITC) is the only development agency that is fully dedicated to supporting the internationalization of small and medium-sized enterprises (SMEs).
Independent Telephone Company
The Independent Telephone Company is a telephone company which provides local services in USA and Canada. This company usually operated in rural and sparsely populated areas and it was not the part of the Bell System, a system of companies led by the Bell Telephone Company. The Genuine Cable Group (GCB) helped ITC provide quality services to rural communities.