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ITC credit

09 December 2019

1)I have ITC claim in 2018-19 .
can reverse this cradit in 2019-20

2) I Have not claim ITC credit 2018-19 can credit input in 2019-20

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 09 December 2019

Are You filed Your Sep-19 GST returns...?

Vipul Patel (21 Points)
Replied 09 December 2019

Yes sir..file GSTR 3B sep -19

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 09 December 2019

2. No... You can't claim FY 18-19 ITC. Bcoz, The availability of PY (18-19) ITC can be claim CY (19-20) September GST returns or Annual return whichever is earlier. So, No way for claim ITC if You are filed Your Sep-19 GST returns...

1. Reverse the ITC and Pay with interest @ 24% through DRC-03 form...

MANIK NIMASE (14 Points)
Replied 09 December 2019

Sir I'm purchase transport passenger vehicle from Toyota company ,I have ITC claim, and credit available our lazare, but now refund for cash ledger so please guide me VR eligible for refund transport passenger service sector aur not

1 Like

Rajan Kumar (55 Points)
Replied 11 December 2019

@ Manik nimase
no, itc balance not refundable.
however itc balance refundable in only two situations
a. zero rated supply
b. accumulated itc on a/c of inverted duty structure.