Itc utilisation under gst

Can liability of a particular month be paid through ITC of next tax period in GST?
Replies (4)
Quick Summary
This discussion explores whether a business can use Input Tax Credit (ITC) from a future tax period to pay off the current GST liability. While some suggest it might be technically possible by manipulating return filings, it's generally not advised due to potential complexities and is not a standard practice. The consensus leans towards not being able to adjust current liabilities with future ITC.

Yes liability can be paid through next period ITC but you should maintain proper periodical payments
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.
I don't think it's possible until you manipulate your details in returns. So it is not at all suggested.

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Follow