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
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Difference between ITC Availed and ITC Claimed
Replies (2)
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 .
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