Hello! Everyone,
I have active GST number and paying my returns regularly. By profession, I am into the business of tours and travels.
Recently I've taken a truck on loan and invoiced under my GST no. I have got a GST credit of Rs. 5,40,000 at the tax rate of 28%. I have two queries which I'd like to ask the pannel and help me resolve it.
1) Can I do some kind of trading business and use the available credit to pay off the GST. And can it be used for products under 18% GST category.
2) Can I claim for a refund of this input tax credit available. If so, please let me know how should this be done.
Please guide me though this.
Thank You!
CAclubindia
