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What to do with unutilised ITC?
A taxpayer has unutilised ITC in his credit ledger. This is because he bought explosives with B2B invoices, but used the explosives for personal use. What shall he do with the unutilised ITC?
Replies (3)
Quick Summary
If a good is used for personal purpose no ITC shall be taken on the same as per Section 17. It's a blocked credit
Ok. Then, who will block the credit so that the ITC is not utilised?
Hi, You shouldn't have taken the credit on goods used for personal purpose. You need to reverse the ITC taken.
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