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Is there any provision in the GST Act that allows refund of balance of ITC at the end of financial year?

Question

Is there any provision in the GST Act that allows refund of balance of ITC at the end of financial year?

Expert Answer
Answered 05 Aug 2022
1967 views

No, taxpayers are not allowed to claim refund of input balances available at the end of financial year. These balances are carried forward to the next year.

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