ITC Availiability

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If your organisation is a collection and recovery agency working with banks, you'll be aware that banks pay GST on a Reverse Charge Mechanism (RCM) basis, meaning you don't have an output GST liability. However, you do receive services with GST, such as telephone bills and computer purchases. Unfortunately, in this scenario, you cannot claim a refund for the Input Tax Credit (ITC) paid on these services. Refunds are generally only applicable in cases of exports or inverted duty structures.

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(Querist)
15 January 2022 Our organization is a Collection & Recovery agency working with banks. Bank pays GST on RCM basis. so I have no output GST liability. But I receive services with GST i.e. Telephone bill , Computer etc. May I get refund of ITC or not ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 January 2022 You can't get ITC refund in such a case.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
16 January 2022 You cant avail ITC therefore question of refund do not arise
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CA Rahul Mittal

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CA Rahul Mittal (Expert)
16 January 2022 no refund in this case
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CA. Bhavik P. Chudasama

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CA. Bhavik P. Chudasama (Expert)
29 January 2022 Refund can be availed only in Case of Export & Inverted Duty Strucutre, So No Refund
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