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Accumulated ITC

HARSHAL SAGAONKAR (54 Points)

05 February 2019

on accumulated ITC can we claim refund

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4 Replies

Narendra Kumar (other) (299 Points)
Replied 05 February 2019

Not in all cases.

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pritesh (CA Final student) (7101 Points)
Replied 05 February 2019

Only in specified cases you can claim refund..

pls elaborate your question More..so that we can help

Saraswathy Prabhu (2 Points)
Replied 05 February 2019

We have unutilised credit under a particular registration, where we have very less liability. Is it possible to claim refund?

Vinod Babu (24191 Points)
Replied 06 February 2019

Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability.

However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions

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