UTILISATION OF INPUT TAX CREDIT

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This discussion clarifies whether businesses can fully settle their GST outward tax liability using Input Tax Credit (ITC) without making any cash payments. The answer is yes, provided your monthly turnover is less than £50 lakh. This allows eligible businesses to maximise their ITC utilisation.

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(Querist)
17 January 2023 CAN WE SETTLE 100% OUTWARD TAX WITH ITC (BOTH AVAILABLE IN ELECTRONIC CREDIT LEDGER AND ITC AVAIALABLE DURING THE MONTH) AND NOT PAY GST IN CASH DURING THE MONTH.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2023 Yes, in case of your turnover is less than 50 lacs per month.
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Shalini RN

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Shalini RN (Querist)
17 January 2023 OUR TURNOVER IS LESS THAN 50 LACS PER MONTH. THANK YOU SIR.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2023 You are welcome..

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