Is ITC reversed if Nil Refund is filed for a particular period?

This discussion addresses whether filing a nil refund for a specific period leads to the reversal of accumulated Input Tax Credit (ITC) to the government. The consensus is that if a refund is not claimed, the ITC balance can be carried forward and offset against future tax liabilities, rather than being reversed. This option is available as per the law, allowing businesses to retain their ITC for later use.