Dear Experts
Suppose a dealer having excess ITC as on 31st March after adjusting his tax liability. Whether he can claim refund of this excess ITC OR he has to carry forward this excess ITC to next FY. Please clarify.
Regards
P Narayanan
PARAMESWARA NARAYANAN (consultant) (65 Points)
05 March 2021Dear Experts
Suppose a dealer having excess ITC as on 31st March after adjusting his tax liability. Whether he can claim refund of this excess ITC OR he has to carry forward this excess ITC to next FY. Please clarify.
Regards
P Narayanan
Amit Potadar
(Consultant)
(135 Points)
Replied 05 March 2021
Hi Narayan,
If you are regular Tax payer you cant claim refund of Excess ITC, you have to carry forward that. If you are a SEZ registered person you can claim ITC subject to come conditions applicable.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 06 March 2021
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