Dear Experts
Suppose a dealer having excess ITC as on 31st March after adjusting his tax liability. Whether he can claim refund of this excess ITC OR he has to carry forward this excess ITC to next FY. Please clarify.
Regards
P Narayanan
2 Replies
Amit Potadar
(Consultant)
(135 Points)
Replied 05 March 2021
Hi Narayan,
If you are regular Tax payer you cant claim refund of Excess ITC, you have to carry forward that. If you are a SEZ registered person you can claim ITC subject to come conditions applicable.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 06 March 2021
He has to carry forward that ITC, no refund available.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
