The company availed itc on gst paid to vendor but then it was ascertained that there is no output liability.
in such case can the itc availed be reversed or can we apply for refund
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Itc availed but not utilized
Replies (3)
You may adjust in the upcoming months
Either you reduce the liability in upcoming months. Or take refund in form of ITC
First we have to analyse the utilisation of ITC availed goods.
If u used the ITC availed goods to further supply as exports or to sez, then only u have eligible to get refund, or if u r in inadvertent tax structure or otherwise u r not eligible to get refund.
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