ITC
Abbreviation with 3 meanings
| Stands for | Input tax credit |
|---|---|
| Meanings | 3 |
| Categories | Business & Finance, Organizations & Companies |
ITC has three meanings. The most common are Input tax credit (tax) and Investment tax credit (tax); it can also stand for ITC Limited (originally Imperial Tobacco Company of India).
Meanings of ITC at a glance
| # | ITC stands for | Context |
|---|---|---|
| 1 | Input tax credit | Business & Finance › Tax |
| 2 | Investment tax credit | Business & Finance › Tax |
| 3 | ITC Limited (originally Imperial Tobacco Company of India) | Organizations & Companies › Company and Brand |
1. Input tax credit
Business & Finance · Tax Abbreviations
Credit a GST- or VAT-registered business claims for tax paid on its purchases, offsetting it against tax collected on its sales so that the tax is ultimately borne only by the final consumer. The term is standard in India, Canada, Australia and New Zealand.
Example: We can't claim ITC on that invoice because the supplier hasn't filed its GST return.
In India, ITC can be claimed only if the supplier has reported the invoice, which then appears in the buyer's GSTR-2B statement, so supplier compliance is critical. Credits are blocked on some items, such as most motor vehicles and staff food. The EU and UK call the same mechanism input VAT recovery.
2. Investment tax credit
Business & Finance · Tax Abbreviations · also used in science
Federal credit equal to a percentage of the cost of qualifying business property, in recent decades associated mainly with solar, battery storage and other energy projects. The energy ITC has been the main federal incentive for commercial and utility-scale solar since 2006.
Example: The rooftop array qualified for the 30% ITC because construction began before the deadline.
A general investment tax credit for equipment was introduced in 1962 under President Kennedy and repealed by the Tax Reform Act of 1986. The Inflation Reduction Act of 2022 converted energy credits into technology-neutral versions, and legislation in 2025 set earlier end dates for wind and solar projects. In GST countries, ITC instead means input tax credit.
3. ITC Limited (originally Imperial Tobacco Company of India)
Organizations & Companies · Company and Brand Abbreviations
Indian conglomerate with businesses in cigarettes, packaged foods, hotels, paperboard and agribusiness. Headquartered in Kolkata.
Example: ITC's food brands, such as Aashirvaad atta, are household names in India.
Founded in 1910 as the Imperial Tobacco Company of India, it became India Tobacco Company in 1970 and I.T.C. Limited in 1974, finally dropping the periods in 2001. Its hotel division spun off in 2025 as a separate listed company. British American Tobacco remains a major shareholder.
Related abbreviations
More tax abbreviations
- HST – Harmonized sales tax
- IHT – Inheritance tax
- IOSS – Import One-Stop Shop
- IP PIN – Identity Protection Personal Identification Number
- ITIN – Individual Taxpayer Identification Number
- ITR – Income tax return
- K-1 – Schedule K-1
- LIHTC – Low-Income Housing Tax Credit
See all 116 tax abbreviations →