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itc balance refundable
if output products taxable at lower rate than inputs, whether balance itc refundable or othervise it has to be reversed
Replies (4)
ITC can be availed irrespective of tax rate .only to check whether it is taxable or not.
Where credit has accumulated on account of rate of tax on inputs being higher than the rate of taxes on output supplies (other than nil rated or fully exempt supplies)
you can avail credit upto the output tax ,excess will be carry forward
Yes, it can be carry forward only.
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