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Itc availed but not utilized

02 April 2022

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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3 Replies

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 02 April 2022

You may adjust in the upcoming months

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 02 April 2022

Either you reduce the liability in upcoming months. Or take refund in form of ITC

Ramesh Pinnaka (2 Points)
Replied 03 April 2022

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.