Balance ITC

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You can carry forward your unutilised Input Tax Credit (ITC) to the next financial year, provided it's reflected in your last filed return and you're a regular dealer. Ensure all returns under the previous law are filed for the last six months. However, ITC related to FY 2017-18 or 2018-19 can no longer be claimed.

G.VENKATESWARA RAO

G.VENKATESWARA RAO (Querist)
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01 February 2020 ITC balance in books at the time of year ending, can we claim in next year. How to show in GST returns.

Ca Neha Jain

Ca Neha Jain (Expert)
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01 February 2020 In order to carry forward the input tax credit, you need to meet the following conditions:

The closing balance of input tax credit should reflect in the last return filed by you
This implies that you should be a regular dealer to be eligible to avail the input tax credit in GST.
All the returns to be furnished under earlier law are filed for last 6 months