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
Menu
Difference between ITC Availed and ITC Claimed
Replies (2)
Quick Summary
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
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 .
ITC calim or unutilise means ITC is set off against out tax liability , available in electronic credit ledger .
Recent Topics :
- APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
- Advance for supply of goods
- Question for members: how do you manage client doc
- Clarification Required on Invoicing and Receipt of
- SEBI Registered VS NSDL Registered RTA
- Income tax or capital gain tax for Resident Indivi
- PCIT-1 Thane Email address
- CA Fees deduction for non audit case allowed?
- 5th Letter PAN Mismatch with Surname issues still
- Criteria to hire an article
Related Topics :
CAclubindia
