Excess ITC SURRENDER
ambadas swaroop (UN EMPLOYEE) (57 Points)
22 November 2020
I want to surrender excess itc for 2018-19. there is no out put tax for year 2018 19.how can I do it
8 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 22 November 2020
You mean to refund or reverse of ITC????
kiran
(accounts manager)
(262 Points)
Replied 22 November 2020
If you are filing gatr 9,table 6 can be used,other wise no need, it wii lapse automatically.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 22 November 2020
You can utilise your ITC only when you have any Output tax liability.
ayusmita
(Tax consultant)
(5885 Points)
Replied 22 November 2020
Ok but you are not coming under any category of reverse ITC
And I still don't understand why you want to surrender your itc just because you don't have any out put liability
Vijayprakash P
(1313 Points)
Replied 22 November 2020
The GST law permits the refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated suppliers or on account of inverted duty structure subject to certain exceptions.
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