Reg ITC availment for invoices of FY21-22
This query is : Resolved
Quick Summary
Ajay Goswami
(Querist)
02 July 2022
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.
pl clarify above with example
pl clarify above with example
02 July 2022
The amount of credit availed has to be reversed in GSTR 3b. So that amount will be added to output tax liability.
Ajay Goswami
(Querist)
02 July 2022
Suppose GST invoice is of date 5.5.2021 and today we received the invoice we have passed the bill and make the payment before 30.09.2022, in that case ITC would be available.
Then the "invoice date" written in this statement will not affect it ""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.""
Then the "invoice date" written in this statement will not affect it ""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.""
02 July 2022
Yes, it will be added to output tax liability but ITC can be claimed again when the bill is paid later.
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