GST accumulated credit FY 2019-20
This query is : Resolved
10 November 2020
Experts
we have accumulated input pertaining to FY 2019-20 as on 30th Sep 2020
we are the traders and due to no sales from April 2020 to Sept 2020, ITC remains available
whether this ITC to be adjusted for October 2020 sales liability
or THIS ITC is lapsed
Experts please give your opinion
we have accumulated input pertaining to FY 2019-20 as on 30th Sep 2020
we are the traders and due to no sales from April 2020 to Sept 2020, ITC remains available
whether this ITC to be adjusted for October 2020 sales liability
or THIS ITC is lapsed
Experts please give your opinion
10 November 2020
You can very much utilise it for October and future months.ITC will not elapse in this manner.
11 November 2020
Respected Mr.Lekhraj sood, well and thanks for your reply .But pleased to refer section 16(4) of GST which states time limit for availing Input credit which has been reflected in credit ledger. Whether section 16(2) override section 16(4)
Experts kindly clarify this issue . Section 16(4) time limit only for the claim of input or its usage
Experts kindly clarify this issue . Section 16(4) time limit only for the claim of input or its usage
11 November 2020
Section 16(4) is time limit is only for taking ITC and not for the utilisation of accumulated ITC which is already claimed in GSTR3B.
11 November 2020
Respected Sir well and thanks for your reply , thanks again
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