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Need to Utilize IGST Credit in my GST Account

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Rishit Khandelwal

5 Points Posted on 10 March 2021

I import PVC material and selling websites and Software. I have un used IGST on imports which is of Rs.825000 approx. and its getting increased every month. Need some help to get it utilized on a regular basis.

Replies (5)

Quick Summary

This discussion addresses a common issue for importers: accumulating unused IGST credit on imported goods like PVC material. The user has a significant amount of IGST credit that is increasing monthly and is seeking advice on how to utilise it. Options discussed include setting it off against output taxes or claiming a refund, particularly if the output tax rate is lower than the input tax rate (inverted duty structure). The user is looking for an experienced Chartered Accountant to assist with this process.

V SUBRAMANIAM

Tax consultant

552 Points Posted on 10 March 2021

U can set it off against output taxes.

Rishit Khandelwal

5 Points Posted on 10 March 2021

Hi, Thanks but I don't have additional sale or purchase. Gov valuate the material at higher rate than the original purchase price and that leads to generate more input tax credit every month.