TaxTMI 
TaxTMI 
ANY TIME LIMIT FOR ACCUMULATED ITC
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....NY TIME LIMIT FOR ACCUMULATED ITC<br> Query (Issue) Started By: - DINESH SHARMA Dated:- 4-2-2019 Last Reply Date:- 5-2-2019 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>IN THE CASE OF REAL ESTATE DEVELOPER A PARTNERSHIP FIRM REGISTERED UNDER GST AND HAS COMPLETED ONE BUILDING. ALSO PURCHASED ANOTHER PLOT OF LAND ON WHICH MULTI STORED TOWER WILL BE DEVELOPED. HOWEVER FOR PARKING ETC IF R....
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....EQUIRES TO GO DEEP NEARLY MORE THAN 18 MONTH. BOOKING/AGREEMENTS ETC. MAY TAKE TIME. THUS THERE IS ACCUMULATION OF ITC AND NO OUTPUT LIABILITY FOR LONGTIME. IS THERE ANY TIME LIMIT FOR SUCH ACCUMULATION ETC. Reply By Rajagopalan Ranganathan: The Reply: Sir, According to Section 16 (4) of CGST Act, 2017 "a registered person shall not be entitled to take input tax credit in respect of any i....
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....nvoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier. This is for taking credit. For utilisation of credit there is no time limi....
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....t. Hence you can utilize the credit at any ntime after taking the credit. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: I endorse the views of Shri Renganathan Reply By KASTURI SETHI: The Reply: Time limitation is for availing ITC. No time limit for utilising or accumulation. Restriction for availing is prescribed in Section 18(2) of CGST Act and Section 16(4) of CGST Act . Other conditions f....
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....or eligibility have to be taken care of. Reply By SANJAY JAIN: The Reply: I endorse the view of Shri Kauturi Sethi Reply By Mahadev R: The Reply: I agree with both experts<br> Discussion Forum - Knowledge Sharing ....