New Input Tax Credit rules: Only 20% of eligible amount can be claimed if suppliers don't upload GSTR-1
IN THIS NEW RULE IF THE SUPPLIER WAS FILILNG GSTR-1 QUARTERLY BASIS,THEN WHAT DO??
CAN WE CLAIM ITC FOR THAT MONTH OR LAST MONTH OF QUARTER
Jishad T (GSTP) (289 Points)
04 November 2019
IN THIS NEW RULE IF THE SUPPLIER WAS FILILNG GSTR-1 QUARTERLY BASIS,THEN WHAT DO??
CAN WE CLAIM ITC FOR THAT MONTH OR LAST MONTH OF QUARTER
RAJA P M
("Do the Right Thing...!!!")
(127394 Points)
Replied 04 November 2019
NAVEEN
(Sr.ACCOUNTANT)
(241 Points)
Replied 05 November 2019
PHANEENDRA MALLA
(CA Practice)
(93 Points)
Replied 05 November 2019
As per notification released by CBIC, it was mentioned that assesse can claim only 20% of GST value as ITC if such Invoice is not reflected in GSTR-2A.
Based on that, we can conclude that, we can avail only 20% of ITC in GSTR-3B until such invoice is reflected in GSTR-2A. In other words, we cannot claim 80% of ITC till that invoice is reflected in GSTR-2A
NAVEEN
(Sr.ACCOUNTANT)
(241 Points)
Replied 05 November 2019
PHANEENDRA MALLA
(CA Practice)
(93 Points)
Replied 05 November 2019
Clarification is yet to be received on that 20% ITC claimed in GSTR-3B
CAclubindia
