How should ever increasing GST ITC in Electronic Credit Ledger be dealt with if the same is not eligible for refund?
GST ITC is increasing as product is taxed at @ 3% but ITC accretion is due to Input Services @ 18% received by the Dealer for courier, advertising etc.
The accretion of eligible ITC can be claimed as long as you are in the taxable business, since the spread is very high ( around 15%) and if you are a cash riched company you may reverse the ITC and claim the same as expenses in your Books of accounts .
Fytomax Nutrition Private Limited
Aurangabad
CA Inter
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Varma Raja & Associates
Thrissur
CA Inter
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CCI
Pro
CAclubindia
