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Refund on ITC
Can a film production house claim its excess ITC accumulated in the electronic credit ledger? The house has over 3lakhs accumulated on the ledger but no output in that way to set off.
Replies (4)
Quick Summary
"Under the new scheme, LTC option will be exercised for the block of 2018-2021. Taxpayers must spend the specified sum on goods or services with a GST rate of 12% or more. Payment for such goods and services must be made via electronic mode only. This expenditure must be made between 12 October 2020 till 31 March 2021
That ITC should be paid I think that balance might not be refunded but should be utilised in payment of tax
The taxpayers can claim the refund of accumulated ITC or input tax credit if certain conditions get satisfied. First, the applicant must file form RFD-01, with the supporting documents, within the time limit given under the Section 54 of the CGST Act read with Rule 89 of the CGST Rules.
Also agree with above comment
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