ITC refundable in shut down business

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53 Points Posted on 29 April 2021
it is already decided that the business will be shut down, in this case if any ITC remain unutilised will be refundable if yes then what is the time period for making an application.
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On 29 April 2021 at 21:37 Report
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Quick Summary
If your business is closing down, you might be wondering if you can claim a refund for any remaining unutilised Input Tax Credit (ITC). Unfortunately, current GST provisions do not allow for the refund of ITC in cases where a business has shut down. Therefore, any remaining ITC cannot be claimed back.

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Chartered Accountant
24588 Points Posted on 29 April 2021
Time limit for filing refund claim Any person claiming the refund of the GST tax, or the interest paid should make an application within a period of two years from the relevant date using the Form GST RFD-01 electronically.
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On 29 April 2021 at 21:54
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53 Points Posted on 29 April 2021
But in refund chapter there are no any provision is given in such type of case for refund of ITC
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On 29 April 2021 at 22:47
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GST Consultant
15986 Points Posted on 30 April 2021
Refund not allowed in this case
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On 30 April 2021 at 00:05
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Chartered Accountant
24588 Points Posted on 30 April 2021
If business is shut down then the remaining ITC shall not be refundable
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On 30 April 2021 at 07:33

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