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Use of excess Input where gooda suppi to railway
Dealer supply mfg goods to eastern Railway , and other , old output rate to railway 5% & purchase input at 18%, there are some Excess ITC , my question is, can my dealer use that excess ITC with output payabe w.r.t supply to other dealer ( dealer other than Railway ) ?
Replies (1)
If the ITC was validly claimed (i.e., the supply to the Railways did not fall under a "no-ITC" notification), you are free to use that credit balance to pay the output tax on your 18% supplies. If the 5% rate was subject to a "no-ITC" condition, you must reverse that input credit rather than using it.
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