Input Tax Credit

Hi

The GST charged to you can be claimed as ITC.

If you are not able to utilize this ITC, you can either offset it with any future liability or claim refund of accumulated ITC.

Dear Sir,

Hope you are doing well !

You have two options:

1. Claim the refund of excess accumulated ITC or

2. You can set off the future liability with accumulated ITC.

Thanks & Regards,

Payal Chhajed

Yes, you can avail.

Hi,

You can either claim the refund of excess accumulated ITC or can set off the future liability with accumulated ITC.

Yes you can

So now I guess it's the normal scenario where tuition people gets fees in the first month and they have to pay GST on same then and there itself as GST liability also arises in advance received. So now what I get from your query is what will you do with the GST input credit which you get on your bills in later part of the year. In this regard I would like to tell you that the ITC credit you have claimed in your return would remain there till the time you don't use it, it's not that it will lapse after 1 year so you can use such credit even in 2019-2020 to pay the GST of that year.

Hope you find it helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi,

- You can only claim the ITC against GST liability in the subsequent years. Refund of ITC is available when there is inverted duty structure which may be few cases of Inputs in your case as you are engaged in coaching.

Thanks

Hi,

You can either claim the refund of accumulated ITC or can set off the ITC with future tax liability.

Yes, you can utilize the ITC in next financial year.

Hi

Yes, you can utilize the ITC. Once claimed, you may utilize it in future, it will be carried forward.

Dear Sir,

You can either claim the refund of accumulated ITC or can set off the ITC with future tax liability.

Yes, you can utilize the ITC in financial year 2019-20.

At time of advance fee you have to issued Tax Invoice indicating GST & pay the tax thru GSTR 3B when receive any inward supply then ITC will be credited in you account & same will be adjusted in further outward supply if there is any ITC available the same will be carry forward to next FY.