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20% itc limit


sanjeev goski (AM Accounts & Finance)     21 December 2019

sanjeev goski
AM Accounts & Finance 
 6 likes  125 points

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Out of my puchase itc of Rs. 10l, in my 2a itc reflected only Rs.9l. But as balance itc is in 20% limit I awailed whole Rs.10l credit in 1st month. In 2nd month should I check whether Rs 1l invoices not shown in 1st month shown 2nd month or I should ignore it as I took credit in 1st month. Means in 2nd month should I include 1st months not shown invoices Rs1l in calculating 20% limit of 2nd month i.e. 20% limit is for every month or cumulative of all not shown invoices till date.

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Nagasandesh (Article)     21 December 2019

Nagasandesh
Article 
 26 points

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20℅ is on cumulative basis. department circular has given derailed working as to how to claim.

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sanjeev goski (AM Accounts & Finance)     21 December 2019

sanjeev goski
AM Accounts & Finance 
 6 likes  125 points

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Pls read my question again. In 1st month I dont have any pending itc to be claimed as Rs 1l invoices which are not shown in 2a, I have claimed it in 1st month itself as it is within 20% of shown itc in 2a. But in second month also those Rs.1l invoices of which I have taken credit in 1st month are not shown by my vendors. So for those invoices this rule apply again in 2nd month?.

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RAJA P M ("Do the Right Thing...!!!")     21 December 2019

RAJA P M
"Do the Right Thing...!!!" 
 8410 likes  114828 points

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As per Your query You also claimed the ITC in 1st month. So, the ITC can't avail 2nd month...

In 2nd month which bills You have that related ITC will be avail as per new rule...

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Pankaj Rawat (GST Practitioner)     22 December 2019

Pankaj Rawat
GST Practitioner 
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Yes Agree with Mr. Raja ki

As for 1St month you have already availed the ITC , thus if the 1 lac ITC which is pertaining to 1st month reflected in your current month need to be Deducted from the 2A & on remaining balance 20% need to be computed

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sanjeev goski (AM Accounts & Finance)     23 December 2019

sanjeev goski
AM Accounts & Finance 
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Invoices not shown in 2a but itc availed as per this 20% rule in 1st month. If those invoices are not shown in 2nd and 3rd month also then do we need to reverse those invoices credit?.

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RAJA P M ("Do the Right Thing...!!!")     23 December 2019

RAJA P M
"Do the Right Thing...!!!" 
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No... No need to reverse if ITC claimed as per 20% rule.

But, Keep in. mind don't be availed the ITC after showing GSTR 2A forthe such invoices.


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