Any Time Limit For Itc Claimed In Gst Act

watch_later 1 month ago


A gst registered dealer input credit claim large amount show in dealer input credit ledger.if dealer outward supplies (output claim small amount used)


Dealer any time limit itc credit claim utilised in gst act.



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1 Answer

PRADYUT BAG watch_later 1 month ago

My Suggestion is given bellow:-

01. To claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice. If the buyer fails to do so, the amount of credit they would have availed, will be added to their output tax liability.

02.Input tax credit cannot be taken on purchase invoices which are more than one year old. Period is calculated from the date of the tax invoice. Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list)

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