Itc utilisation under gst

Sabita Sahoo (622 Points)

17 June 2021

Can liability of a particular month be paid through ITC of next tax period in GST?

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 17 June 2021

Yes liability can be paid through next period ITC but you should maintain proper periodical payments

Sabita Sahoo (622 Points)
Replied 17 June 2021

How is it possible to set off current liability with future ITC?Taxpayers tend to report outward supply in R3B when they have sufficient ITC.

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 17 June 2021

I don't think it's possible until you manipulate your details in returns. So it is not at all suggested.

CMA Poornima Madhava (CMA) (13097 Points)
Replied 17 June 2021

As I understand, adjustment of current liability against future ITC is not possible.

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