FY 2018-2019 GST dues paid with current year 2024-2025 ITC
Sir/Madam,
GST Order was issued under section 73 for the year 2018-2019 for mismatch of ITC and I have accepted & paid the tax portion using financial year 2024-2025 ITC and will be applying for waiver of Interest and penalty under Amnesty Scheme 2024.
Is there any restriction for utilizing current year ITC for past dues. I do not have carry forward of Excess ITC from 2018-2019 till 2023-2024. Please advise.
Experts Agree: Current Year ITC Can Settle Past GST Dues, No Specific Time Limit for Utilization A user inquired about using the Input Tax Credit (ITC) from the financial year 2024-2025 to pay Goods and Services Tax (GST) dues from 2018-2019, and whether any restrictions apply. Four experts responded, agreeing that there are no restrictions on using current year ITC to settle past liabilities. They noted that while there is a time limit for availing ITC, there is no specific time limit for utilizing it. The consensus was that the user's approach is correct, and the ITC can be used for any tax period liability, barring specific exceptions. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
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