TaxTMI 
TaxTMI 
TaxTMI 
Regarding balance ITC after 22nd September.
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....egarding balance ITC after 22nd September.<br> Query (Issue) Started By: - JIGNESH SITAPARA Dated:- 12-9-2025 Last Reply Date:- 16-9-2025 VAT + CST<br>Got 4 Replies<br>VAT / Sales Tax<br>Dear Experts. A customer buys 12% and then sells after 22 September at 5%, so what should be done with balance ITC 7% ? Can carry forward ? Reply By Sadanand Bulbule: The Reply: You dont have to reverse b....
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....alance ITC. You can forward it.If it accumulates due to IDS, you may claim refund of unutilised ITC subject to restrictions, if any. Reply By KASTURI SETHI: The Reply: No reversal is required. Goods have not become completely exempt. Only rate of tax has been reduced. It is your amount earned by way of purchase of taxable goods on payment of appropriate tax. Reply By rajat solanki: The Re....
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....ply: The said issue has been clarified vide Circular No. 135/05/2020-GST dated 31.03.2020 (as amended), which states that refund of accumulated ITC in terms of clause (ii) of first proviso to Section 54(3) of the CGST Act, is available where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies. However, the input and output being the ....
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....same in such cases, though attracting different tax rates at different points in time, do not get covered under the provisions of clause (ii) of the first proviso to sub-section Reply By Shilpi Jain: The Reply: This credit can be utilised for payment of output tax liability or in case it is a huge amount not utilisable fully in near future you can consider apply for refund under inverted duty st....
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