Input Tax Credit

[VIGNESH]

sir 1.is there any time limit to avail my ITC , generally we use to bulk purchase , in the month of march and every year ITC is getting accumulated is there any restriction for such c/fd?

2. a. while export of goods ITC is getting accumulated and the client don't want refund , can it get accumulated and Set off against local outward taxable supply if any?

b.if refund only option is there any time limit to apply?

[PAWAN KUMAR]

Dear sir,

1.NO time limit, you may claim on bulk purchase. previous year ITC you may claim up to next year Sept 20- GSTR-3B return due date of filing.

2.Yes ITC can be set off against the domestic supplies GST liability.

3.If only refund option is available, the time limit to refund application is two years from the relevant date.

[Ganeshan Kalyani]

1. Once ITC is taken into Electronic Credit Ledger (ECL), it's utilision can be done at anytime. There is time limit within which the credit is to be taken into ECL.

AI Summary

Input Tax Credit: utilisation permitted once credited to the Electronic Credit Ledger, with refund claims subject to prescribed time limits. ITC may be claimed and, once reflected in the Electronic Credit Ledger (ECL), utilised without a general expiry, but credit must be taken into the ECL within the prescribed window. Accumulated ITC from exports may be set off against domestic outward supply liabilities if refund is not claimed; refund claims are subject to a statutory time limitation measured from the relevant date.