Input Tax Credit Under GST

Many of us are aware of the term Input Tax Credit, i.e. ITC. Because, we might have been using the same in Vat or Excise or many other places in the past. But, after implementation of GST in July 2017, we have found a lot of confusion among various people, regarding

Are we eligible for ITC or not ?
Which of our transactions are eligible for ITC ?
In which products or services , we can take it ?
How to avail the same ?
Will it be adjusted in same month or next month ?
Which tax should be adjusted with which one ?
And many others...

So, we will be here trying to answer all those questions and confusions.

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