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How can ITC be lapsed?
Can the ITC which has been in my credit ledger be lapsed after September of the next financial year? If not, how can an ITC be lapsed?
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If it is in the credit ledger of the portal then such ITC will not lapse ever. But if you didn't take ITC in portal while filing returns and the due date of September return of following financial year has passed then that ITC which you you had not taken will lapse. (The opportunity to take that ITC will lapse.)
Thank you so much CA Altamush Zafar. That answer cleared my doubt.
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