Any option to set off credit availed but not utilised With Drc 03

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39 Points Posted on 04 January 2021
Any option to set off credit availed but not utilised With Drc 03
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On 04 January 2021 at 19:44 Report
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This discussion clarifies how to handle GST credit that has been availed but not utilised. You can use this unutilised input tax credit (ITC) for reversal via DRC-03. However, it cannot be set off against your output tax liability.

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STUDENT
1631 Points Posted on 04 January 2021
Query not clear
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On 04 January 2021 at 22:06
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Tax Consultant & Practitioner
6195 Points Posted on 05 January 2021

You can utilize ITC availed  for reversal of ITC using DRC-03. 

 

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On 05 January 2021 at 01:17
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Tax Consultant & Practitioner
6195 Points Posted on 05 January 2021

You cannot take a setoff /utilize the same for payment of output liablity

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On 05 January 2021 at 01:18

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