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TMI BlogFY 2018-2019 GST dues paid with current year 2024-2025 ITCX X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Pleas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e advise. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Sadanand Bulbule - The Reply = 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. - Reply By KASTURI SETH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - The Reply = 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. - Reply By KALLESHAMURTHY MURTHY - The Reply = Sir, ITC at credit can be utilised for tax liability for any tax period except in the case of tax payable by cash. - FY 2018-2019 GST dues paid with current year 2024-202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 ITC - Query Started By: - CABayyaReddy DK Dated:- 18-10-2024 Last Replied Date:- 5-11-2024 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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