Utilisation of itc
This query is : Resolved
Quick Summary
Sabita Sahoo
(Querist)
08 February 2020
As per sec 41 of cgst act,ITC shall be adjusted against output tax payable under self assessment basis u/s 59.Now if we want to pay tax in drc03 in pursuance to DRC 01, then can it be setoff through ITC? Though portal allow to setoff the ITC from credit ledger,sec 41 restrict it.If we pay the tax from credit ledger,can the dept.issue notice in future?
CA R SEETHARAMAN
(Expert)
08 February 2020
Yes such payment can be made through ITC no notice will be issued.
Sabita Sahoo
(Querist)
08 February 2020
Thank u sir for your answer.How could you ensure this?
Sabita Sahoo
(Querist)
14 February 2020
What is your view regarding sec41 restricting setoff through ITC?
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