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Machinery slow sales

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CHRISTAS HERWIN

74 Points Posted on 26 January 2020

I bought machine and paid GST of 1.5 laks. And raw material and paid GST for 25 thousand .total . I couldn't sell my products(paper bags) with gst. very slow movement..

Is there any time limit to claim ITC of 1.75 Laks ?
could I claim ITC in another way without showing GST bill ?

Replies (8)

Quick Summary

This discussion addresses concerns about slow sales impacting GST Input Tax Credit (ITC) claims for machinery and raw materials. Participants clarify that once ITC is claimed, there is no time limit for its utilisation, as it remains in the Electronic Credit Ledger. The 180-day rule pertains to payment to suppliers, not ITC utilisation. The deadline for claiming ITC is generally the next financial year's September GST return or the annual return, whichever is earlier.

Roshni

Studwnt

1141 Points Posted on 26 January 2020

You might have already claimed ITC. The ITC which you have in your credit ledger stays forever even if sale doesn't happen. therefore no time limit to utilize such ITC.

RAJA P M

"Do the Right Thing...!!!"

128162 Points Posted on 26 January 2020

No more time limit if You are claimed the ITC. You can utilize the credit ledger balance any time...

Pankaj Rawat

GST Practitioner

55067 Points Posted on 26 January 2020

It will be there in ECL unless you utilise or surrender your GSTN

Sivaramaraju G

Learner

2398 Points Posted on 27 January 2020

@ Roshini, Raja, Rawat. Then what is the limit of 180days from the end of financial year, is it for claiming of ITC not for utilising of ITC??

RAJA P M

"Do the Right Thing...!!!"

128162 Points Posted on 27 January 2020

What is the limit of 180days from the end of financial year...?

- The said limit is payment to supplier from date of purchases.

is it for claiming of ITC not for utilising of ITC??

- It's claiming ITC in GSTR 3B return. Once claiming then we can utilize anytime up-to closing of business.
- Claiming ITC time limit is next FY September GST returns or Annual return which is earlier...