Accumulated ITC when ECO collects taxes under 9(5)

This query is : Resolved

CA Reema Sonigra Mehta (Querist)
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02 February 2022 What about the ITC accumulated in case of travel agents providing through e commerce operator where ECO are liable to pay tax from 01.01.2022 but ITC is accumulated in suppliers account. They don't have any outward supply against which ITC can be set off

Lekhraj sood

Lekhraj sood (Expert)
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02 February 2022 This change is applicable only for resraurant service like Zomatto,swiggy etc. and not for other services provided through ECO.

CA Reema Sonigra Mehta

CA Reema Sonigra Mehta (Querist)
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02 February 2022 Yes but the same applies to Restaurants as suppliers too. Also the change has been incorporated to included motor vehicle

CA Altamush Zafar

CA Altamush Zafar (Expert)
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02 February 2022 Since you have no outward taxable liabilities then how can claim ITC?

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Accumulated ITC when ECO collects taxes under 9(5)

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