Input tax credit doubt
Abinash Panda (80 Points)
04 March 2023I have unutilised ITC in GST.
if I don't use it can I claim the cash refund of it ?
thank you.
Abinash Panda (80 Points)
04 March 2023
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 04 March 2023
No. There is no mechanism to claim refund of unutilized ITC unless you have exports, SEZ supplies or deemed exports. Further, you can claim refund under inverted duty structure also.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)