on accumulated ITC can we claim refund
4 Replies
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
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
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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