Working of ITC
This query is : Resolved
03 December 2019
We have to file GSTR-3-B for the month of November 2019. ITC shall be taken as per books of account or shall be taken as per GSTR-2. Whether rule has been changed ? I have heard that if the GSTR-1 is filed by our supplier till 10th of December 2019, then only then it would reflect in GSTR-2-A. What to do in such case ?
03 December 2019
You have to take ITC as per 2A - Whatever bills uploaded by your supplier till 11th Nov 2019 ,take ITC - 120% of bills ( towards eligible ITC )uploaded by your suppliers in 2A .
For example - if your supplier upload bills amounting to Rs4,00,000 /- till 11th November , You can take ITC for Rs (120% of Rs 4,00,000) 4,80,000/- even though ITC in your credit ledger is Rs 6,00,000/-you can not take ITC for more than Rs. 480000/-
ITC against bills uploaded by supplier after 11th November can be taken in subsequent months .
For example - if your supplier upload bills amounting to Rs4,00,000 /- till 11th November , You can take ITC for Rs (120% of Rs 4,00,000) 4,80,000/- even though ITC in your credit ledger is Rs 6,00,000/-you can not take ITC for more than Rs. 480000/-
ITC against bills uploaded by supplier after 11th November can be taken in subsequent months .
03 December 2019
Rule has been changed. Take 100% ITC as per 2A. Take 20% ITC on tax invoice received but not appearing in 2A.
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