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Machinery slow sales

383 views 8 replies

CHRISTAS HERWIN

74 Points Joined December 2019

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)

Roshni

Studwnt

1141 Points Joined February 2016

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...!!!"

128116 Points Joined January 2015

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

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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

Sivaramaraju G

Learner

2398 Points Joined May 2019

@ 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...!!!"

128116 Points Joined January 2015

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...