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TMI BlogInverted Tax UtilizationX X X X Extracts X X X X X X X X Extracts X X X X ..... Inverted Tax Utilization X X X X Extracts X X X X X X X X Extracts X X X X ..... nverted tax rate structure. Is it possible to the taxpayer they can use spare tax accumulated on raw material of footwear to liability arised on normal products. Thanks Reply By KASTURI SETHI: The Reply: Yes. There is no restriction on utilisation in the situation explained. Even now refund is admissible but too many strings are attached. Reply By Ganeshan Kalyani: The Reply: law says if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchases / expense incurred in course or furtherance of business then input tax credit is eligible. both the products are taxable so credit cannot be denied. though it seems that excess credit of normal product can be used to set off liability of footwear, but chances are there for the litigation. this is because the business vertical is different. though the gstin is same. Reply By koushal sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rma: The Reply: If both the businesses are covered under same GSTIN and all inputs are for business purpose, then you can use the same for tax liability of other goods. To know more detailed faqs under GST, Just visit at GST Forum India and know more about Reply By KASTURI SETHI: The Reply: Sh.Sharma Ji, Thanks for throwing more light. Reply By Ganeshan Kalyani: The Reply: going by the def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inition the credit can be taken if gstin is single . X X X X Extracts X X X X X X X X Extracts X X X X
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