TaxTMI 
TaxTMI 
When a company pay Excess GST to government i.e at the time of purchase raw materials 18% GST & at the time of sale 5% GST recovered from Customer
What are options available ??
Can excess GST paid could be use to pay IGST at the time of Imports ??
Excess GST Paid
18 Jul 2017 
6 Replies 
1965 Views Asked by
Input tax credit restrictions: excess GST paid cannot generally be adjusted against other taxes and may require refund.
Excess GST creating accumulated Input Tax Credit is subject to use only "in the course or furtherance of business," with a specific remark preventing refund of overflow ITC in construction services; unutilised ITC may lapse, ITC cannot generally be used to meet government pre-deposit obligations, and where excess payment cannot be adjusted the taxpayer may seek a refund. (AI Summary)
Excess GST creating accumulated Input Tax Credit is subject to use only "in the course or furtherance of business," with a specific remark preventing refund of overflow ITC in construction services; unutilised ITC may lapse, ITC cannot generally be used to meet government pre-deposit obligations, and where excess payment cannot be adjusted the taxpayer may seek a refund. (AI Summary)