I had some output invoices in September 2019 but missed to files it. Now , I am going to enter them in July 2020. I have accumulated ITC which can exhaust this whole liability . But major portion of this ITC. wasn't available on that date to which these output bills belong.
Should I take ITC. or pay cash tk exhaust liability?
1 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 25 August 2020
You can utilise the available ITC and pay interest @ 18% on outstanding output Tax.
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