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Difference between ITC Availed and ITC Claimed

ITC / Input 4788 views 2 replies

sujit naha

accountant

355 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)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 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

15093 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 .