Itc utilisation under gst
Sabita Sahoo (622 Points)
17 June 2021
Can liability of a particular month be paid through ITC of next tax period in GST?
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 17 June 2021
Yes liability can be paid through next period ITC but you should maintain proper periodical payments
Sabita Sahoo
(622 Points)
Replied 17 June 2021
How is it possible to set off current liability with future ITC?Taxpayers tend to report outward supply in R3B when they have sufficient ITC.
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 17 June 2021
I don't think it's possible until you manipulate your details in returns. So it is not at all suggested.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 17 June 2021
As I understand, adjustment of current liability against future ITC is not possible.
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