there is a company where there is no transaction from last year lockdown and company want to get refund of the GST ITC laying in books. Company use to do manufacturing of plastic goods but no sale or purchase from 1 April 2020 And from 2017 till now no refund has been claimed and the total amount accumulated will now is more then 1lakh.
How to claim this amount?
Refund of ITC only available in case of exports and inverted duty structure.
Otherwise no refund can be claimed and entire ITC will lapse if business closed.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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