Time limit for utilisation of gst credit
This query is : Resolved
17 April 2019
RESPECTED SIR
IS THERE ANY TIME LIMIT FOR UTILIZATION OF GST CREDIT?
IS THERE ANY TIME LIMIT FOR UTILIZATION OF GST CREDIT?
CA Anita Bhadra
(Expert)
17 April 2019
Yes
As per sub-section (4) of section 16 of the Central Goods and Services Tax Act, 2017 (the CGST Act),
Time limit to avail ITC is the due date for furnishing the return for the month of September (under section 39 of the CGST Act) or furnishing of annual return, whichever is earlier.
As per sub-section (4) of section 16 of the Central Goods and Services Tax Act, 2017 (the CGST Act),
Time limit to avail ITC is the due date for furnishing the return for the month of September (under section 39 of the CGST Act) or furnishing of annual return, whichever is earlier.
17 April 2019
I AM ASKING FOR UTILIZATION OF GST CREDIT & NOT AVAILMENT OF GST CREDIT
I MEAN WHITHIN HOW MUCH TIME WE HAVE TO UTILIZE OUR GST CREDIT AVAILABLE IN ELECTRONIC CREDIT LEDGER
IS THERE ANY PROVISON THERE FOR THE SAME?
I MEAN WHITHIN HOW MUCH TIME WE HAVE TO UTILIZE OUR GST CREDIT AVAILABLE IN ELECTRONIC CREDIT LEDGER
IS THERE ANY PROVISON THERE FOR THE SAME?
CA R SEETHARAMAN
(Expert)
17 April 2019
For utilisation also same time limit.
17 April 2019
then what would be situation for credit available in electronic credit ledger at end of sep month?
CA Anita Bhadra
(Expert)
17 April 2019
In my view
There is no time limit in the GST laws for carrying forward of unutilised ITC. Thus, it can be carried forward to indefinite period until it is set off against output tax liability
There is no time limit in the GST laws for carrying forward of unutilised ITC. Thus, it can be carried forward to indefinite period until it is set off against output tax liability
CA R SEETHARAMAN
(Expert)
17 April 2019
No it will lapse after the time allowed.
CA Anita Bhadra
(Expert)
18 April 2019
I am not aware of it.
Kindly share reference in Act / Rules / Notification or case law , if available .
Kindly share reference in Act / Rules / Notification or case law , if available .
CA R SEETHARAMAN
(Expert)
18 April 2019
Sorry it's related to textile sector. I withdraw my comments.
The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018.
The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018.
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