FY 2018-2019 GST dues paid with current year 2024-2025 ITC, Goods and Services Tax - GST

[CABayyaReddy DK]

Sir/Madam,

GST Order was issued under section 73 for the year 2018-2019 for mismatch of ITC and I have accepted & paid the tax portion using financial year 2024-2025 ITC and will be applying for waiver of Interest and penalty under Amnesty Scheme 2024.

Is there any restriction for utilizing current year ITC for past dues. I do not have carry forward of Excess ITC from 2018-2019 till 2023-2024. Please advise.

Posts / Replies

[Ganeshan Kalyani]

In my view, there is no one-tow-one correlation of ITC. So your claim of ITC to pay off the earlier liability is correct. 

[Sadanand Bulbule]

Dear Sir/madam

Sri.Ganeshan ji has emphatically cleared the issue. Go with it as there are no any restrictions to utilize ITC for any specific period/liability.

[KASTURI SETHI]

Time limit has been prescribed for availing ITC under Section 16 (4) and no time has been prescribed for utilizing the same. I concur with the views of both experts.

[KALLESHAMURTHY MURTHY]

Sir, 

ITC at credit can be utilised for tax liability for any tax period except in the case of tax payable by cash.