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Saswata Chatterjee (Student)     25 October 2021

Refund on ITC

Can a film production house claim its excess ITC accumulated in the electronic credit ledger? The house has over 3lakhs accumulated on the ledger but no output in that way to set off.


 2 Replies

Rama chary Rachakonda

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     25 October 2021

"Under the new scheme, LTC option will be exercised for the block of 2018-2021. Taxpayers must spend the specified sum on goods or services with a GST rate of 12% or more. Payment for such goods and services must be made via electronic mode only. This expenditure must be made between 12 October 2020 till 31 March 2021

Sourav

Sourav (Student)     25 October 2021

That ITC should be paid I think that balance might not be refunded but should be utilised in payment of tax

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