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Difference between ITC Availed and ITC Claimed

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sujit naha

accountant

226 Points Posted on 07 January 2022

For Example : --

ITC Account Register :-

Opening Balance -- 5000 /-

ITC Availed --- 1000/-

Total ITC Available -- 6000/-

ITC Utilised ----- 5000/-

ITC Closing Balance - 1000/-

Question : What is the ITC Availed and ITC Claimed

Please reply .. thanks

Replies (2)

Quick Summary

This discussion clarifies the difference between 'ITC Availed' and 'ITC Claimed' within the GST framework. ITC Availed refers to the Input Tax Credit that is available for set-off against your output tax liability and appears in your electronic credit ledger. ITC Claimed, or unutilised ITC, is the portion of this credit that has been successfully set off against your tax dues.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 07 January 2022

ITC can be availed only on goods and services for business purposes. If they are used for non-business (personal) purposes, or for making exempt supplies ITC cannot be claimed

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 07 January 2022

ITC availed means ITC available for set off against out put liability in Electronic credit ledger .
ITC calim or unutilise means ITC is set off against out tax liability , available in electronic credit ledger .