claim
kanchan rajawat (ACCOUNT MANAGER) (130 Points)
28 March 2018
How to claim for refund of balance ITC.
3 Replies
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 28 March 2018
CARRY FORWARD IT TO THE NEXT MONTH
CA Aravind Penugonda
(Chartered Accountant)
(311 Points)
Replied 28 March 2018
Please refer sec. 54 of CGST Act, 2017 which lists out two scenarios wherein you can claim refund of unutilised ITC.
One in case of zero rated supplies i.e. exports, supplies to SEZ unit/ developer
Second in case of inverted duty rate structure.
In all other cases, you cannot claim refund except when you shut down your business. C/f till next month where liability arises so that you can offset.
Pranjal Mishra
(128 Points)
Replied 28 March 2018
If you have no further outward supply or outward supply having lower rate of tax, you can file application of refund of ITC
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