Refund of accumulated ITC?
Can a person who has accumulated ITC suppose 1 lakh in his ITC ledger, claims refund of his accumulated ITC of 1 lakh at the time of closer of his business?
Replies (5)
No.........................
If a person is having accumulated ITC in ITC ledger, then it means that person has stock of goods against which ITC balance is available.
So during closure of business, he will be selling those goods to buyer and he will be charging GST against same. Balance in ITC shall be used against the GST liability on account of sale of stock
So during closure of business, he will be selling those goods to buyer and he will be charging GST against same. Balance in ITC shall be used against the GST liability on account of sale of stock
if he sells all his stock under cost that time will he get
No, unless he is making zero date supply
As per Section 54 a claim for refund is arise on account :
Export of goods or services.
• Supplies to SEZs units and developers
• Deemed exports
• Refund of taxes on purchase made by UN or embassies etc.
• Refund arising on account of judgment, decree, order, or direction of the Appellate Authority, Appellate Tribunal, or any court.
• Refund of accumulated Input Tax Credit on account of inverted duty structure
• Finalization of provisional assessment
• Refund of pre-deposit
• Excess payment due to mistake.
Export of goods or services.
• Supplies to SEZs units and developers
• Deemed exports
• Refund of taxes on purchase made by UN or embassies etc.
• Refund arising on account of judgment, decree, order, or direction of the Appellate Authority, Appellate Tribunal, or any court.
• Refund of accumulated Input Tax Credit on account of inverted duty structure
• Finalization of provisional assessment
• Refund of pre-deposit
• Excess payment due to mistake.
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