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All QuestionsCategory: GST CompliancesGST Refund on ITC
Profile photo of DeeprajDeepraj asked 1 week ago

GST Refund on ITC

IF A PERSON CLOSES HIS BUSINESS & ALL THE STOCK REMAINING IS SOLD.
AND THE ITC CLAIM WHICH WE HAVE TAKEN ON FIXED ASSET REMAINS AS CARRIED FORWARD, THIS ITC ON FIXED ASSET CAN BE REFUNDED?
IF YES CAN YOU PLEASE HELP ME, HOW TO APPLY FOR REFUND.

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Profile photo of Deepa N. TannaCMA Deepa N. Tanna answered 1 week ago

No. You can not take refund of such unutilised credit. However, as per rule 44 , such credit will be reversed on the bases of useful life of capital goods and to be shown as liability in gst returns. 

Profile photo of ADITYA JAYKISHAN NIBURANIADITYA JAYKISHAN NIBURANI answered 3 days ago

Agree with the opinion of CMA Deepa Tanna.

Refund of unutilised ITC is governed by Section 54(3). Unutilised ITC in the question asked shall be not be allowed as per the given section. 
Moreover, as per Sec 29(5) read with Rule 44 an amount as prescribed under the said rule shall have to be paid.