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TMI BlogITC availability on tax component paid under section 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ITC availability on tax component paid under section 73 X X X X Extracts X X X X X X X X Extracts X X X X ..... permissible to avail of ITC of the tax component when payment is made through DRC-03 or DRC-07 ? If it can be availed what is the time limit of utilizing so? Upon perusal of Rule 36(4), I did not find any explicit restrictions concerning this matter, which raises my query further. Regards, S Ram Reply By KASTURI SETHI: The Reply: (i) There is no time limit to utilise ITC. Restriction i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s imposed on availing ITC as per Section 16 (4). (ii) See Section 17 (5) (i) . ITC is not blocked for Section 73. It is blocked for any order passed under Section 74, 129 & 130. Reply By Ramanathan Seshan: The Reply: Dear Sethi-sir, Thanks for your swift response. Does it mean that tax component of the demand raised u/s Section 73 for FY 19-20 cannot be availed f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the current year owing to restriction in Sec 16(4). In case, it can be utilized, can we avail in the next month 3B set off ? Regards, S Ram Reply By Shilpi Jain: The Reply: Tax paid u/s73 is not a blocked credit u/s 17(5). Need further facts on your query. Are you paying this tax under RCM? Reply By Ramanathan Seshan: The Reply: Dear Shilpi mam, Thanks for your swift response. ..... X X X X Extracts X X X X X X X X Extracts X X X X .....
The DRC-07 (Section 73) order is for the FY 20-21 which was issued in Feb 2025.
Regards,
S Ram X X X X Extracts X X X X X X X X Extracts X X X X
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