ITC cannot be denied merely on the ground that inputs have no nexus with outward supply

In re Aristo Bullion Pvt. Ltd (GST AAAR Gujarat) Utilization of ITC cannot be denied merely on the ground that the inputs have no nexus with outward supply The AAAR, Gujarat in the matter of M/S. Aristo Bullion Private Limited [Advance Ruling No. GUJ/GAAAR/APPEAL/2021/36 dated December 22, 2021] modified the ruling passed by the AAR, and held that, the assessee is entitled to use the Input Tax Credit (ITC) balance lying in its Electronic Credit Ledger (ECL), legitimately earned on the on Gold & Silver Dore Bars etc., for the purpose of paying GST on outward supply on Castor Oil Seeds, and ...