What is the time limit to claim ITC?How do I reverse ITC?Can ITC be refunded?Can we claim GST input on electricity bill?

 What is the time limit to claim ITC?

180 days

To claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice. If the buyer fails to do so, the amount of credit they would have availed, will be added to their output tax liability.

How do I reverse ITC?

3,600 has to be reversed by A & B in the ratio of 1:2 A will reverse ITC of Rs. 1,200 (3600 * 1 / 3) B will reverse ITC of Rs. 2,400 (3,600 * 2 / 3) This will be included in the GSTR 2 by both A and B in the reversal of input tax credit section

Can ITC be refunded?

Refund of ITC Cases and Exceptions

Unutilized input tax credit on zero-rated goods/services on which no payment of tax was made can be claimed as refund. Accumulation of unutilized ITC due to higher tax rate on inputs than the output supplies (other than zero-rated/exempted goods)1

Can we claim GST input on electricity bill?

No. Input GST credit is the amount of GST paid on purchase of goods which is used in the production of output. Electricity Tax is not a tax on purchase of goods, hence it is not a GST. Therefore electricity tax should not be taken as input GST credit but it is to be taken to profit and loss account as expenditure.