ITC availability on tax component paid under section 73

[Ramanathan Seshan]

Dear Experts,

I am reaching out to seek your guidance regarding the Input Tax Credit (ITC) on the tax component paid under section 73. Specifically, I would like to understand whether it is permissible to avail of ITC of the tax component when payment is made through DRC-03 or DRC-07 ? If it can be availed what is the time limit of utilizing so?

Upon perusal of Rule 36(4), I did not find any explicit restrictions concerning this matter, which raises my query further.

Regards,

S Ram

AI Summary

Tax Pro Wins ITC Credit Flexibility Under Section 16(4), Challenging Limitations on GST Short Payment Scenarios A tax professional seeks guidance on Input Tax Credit (ITC) availability for tax components paid under Section 73 of GST law. Experts clarify that ITC can be utilized without a specific time limit, with restrictions only under Section 16(4). Tax paid under Section 73 is not a blocked credit, and the professional seeks clarification on potential credit utilization for short payment scenarios.