Krishna Karthik (47 Points)
27 April 2018
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 27 April 2018
It is not utilisation but availment. U have to avail the credit by sep or filing of annual return whichever is earlier
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 27 April 2018
Availment means taking the ITC i.e. debiting ITC in your books of accounts.(Show the ITC availed in your GST return also)
Utilisation means using the ITC to pay tax liability i.e. crediting ITC and debiting liability.(Show the ITC utilised in your GST return also)
U avail ITC upto 2-3 years and it will accumulate in your books and then utilise when liability arises. There is no time limit for utilising the ITC.
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