Sumit Upadhyay
  • 0

Can ITC be refunded?

  • 0
Can ITC be refunded?
Share

1 Answer

  1. Yes, only the unutilized part or amount of the ITC, i.e. input tax credit can be refunded. This can be claimed on the accumulation of the unutilized ITC because of the higher tax rate on inputs than that on the output supplies (except zero-rated/ exempted goods); and/or on goods or services on which no payment of tax was made, such as zero-rated goods/services.
    However, if the unutilized ITC is towards the GST paid on the goods exported out of India which attracts excise duty are not refundable. Also, there shall be no refund if the supplier of the goods has availed any duty drawback on the excise duty paid or claims the refund on the integrated tax paid on such supply.

    • 0

Leave an answer

You must login to add an answer.