Question ID :
40552
Input credit utilisation
Dear Sir, Please clarify whether output tax liability under gst can be set off against subsequent input tax credit earned which is also appearing in electronic credit ledger i.e. output tax liability was of march 2018 and input tax credit earned in december 2019 which is appearing in electronic credit ledger?
Thanking in anticipation
Posted by
Abhinav Chaurasia
on
Jan 24, 2020
Filed Under
GST
You can only claim ITC for discharging liability of march 2018 which was available on March 2018 only. So you can not claim ITC of Dec 2019 to Discharge liability of March 2018.
(As per my understanding)
Posted by
CA Shrawan Suthar on
Jan 27, 2020
Answer ID :
80376
On a bare reading of the Act ie s.16 I find that it is possible to claim credit since the provisions prescribed for manner of claiming the ITC do not lay down such restrictions.
Posted by
SIVADAS CHETTOOR on
Jan 29, 2020