GST ITC availment

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Student CA Final/Tax consultant/
51 Points Posted on 21 October 2020
availment of ITC and utilisation of itc means????
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On 21 October 2020 at 22:18 Report
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Quick Summary
This discussion clarifies the difference between availing and utilising Input Tax Credit (ITC) under GST. Availment refers to claiming the ITC on your GSTR-3B, making it available for use. Utilisation, on the other hand, is the actual process of setting off this claimed ITC against your GST liability when paying taxes.

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Accountant
3662 Points Posted on 21 October 2020
Availment of ITC - ITC taken but not set off against GST payment

Utilisation of ITC - ITC set off against GST payment
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On 21 October 2020 at 22:43
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Tax Consultant & Practitioner
6195 Points Posted on 22 October 2020
Originally posted by : RAVINDRA POLANKI
availment of ITC and utilisation of itc means????

Availment is claiming ITC in gstr-3b 

 

Which then is available for payment of taxes

 

 

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On 22 October 2020 at 03:37
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Tax Consultant & Practitioner
6195 Points Posted on 22 October 2020

When you use the available ITC for tax payment it is said to be utilisation of itc

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On 22 October 2020 at 03:38

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