Refund on Ineligible ITC
This query is : Resolved
30 April 2024
Hi All,
Could you give me some suggestions on whether it's possible to receive a refund for ineligible tax credits? I recently spoke with a consultant who claimed that it might be possible, but I'm unsure. Any insights would be appreciated.
If Possible, Kindly let me know the Act, Provisions or Rules
Thanks & Regards
Vignesh
Could you give me some suggestions on whether it's possible to receive a refund for ineligible tax credits? I recently spoke with a consultant who claimed that it might be possible, but I'm unsure. Any insights would be appreciated.
If Possible, Kindly let me know the Act, Provisions or Rules
Thanks & Regards
Vignesh
01 May 2024
Not possible don't take wrong advice you will land in high penalty.
01 May 2024
Totally agree with Expert's View, Refund is only available for Eligible ITC and that too only in case of Export Supply or Supply under Inverted Duty Structure. So in no case Ineligible ITC can be availed and if it cannot be availed you can claim refund as well.
01 May 2024
Hi Experts,
Thanks for the Inputs
The consultants claimed to have submitted refund applications solely for ineligible Input Tax Credit (ITC) and received refunds for 4 to 5 clients. I'm wondering if this is feasible.
Thanks for the Inputs
The consultants claimed to have submitted refund applications solely for ineligible Input Tax Credit (ITC) and received refunds for 4 to 5 clients. I'm wondering if this is feasible.
02 May 2024
You are welcome.
Later they will face penalty with refund of wrong ITC claim.
Later they will face penalty with refund of wrong ITC claim.
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