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20% ITC Rules

13 November 2019

as per new rules 36/4, if supply file GSTR 1 Quarterly return Q-3 in January 2020 on time, can I take ITC for the month of OCTOBER right on in GSTR 3B OCTOBER 2019?

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 13 November 2019

Yes... You can take ITC in October-19 if Invoice date is October-19...

1 Like

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 13 November 2019

No ...you cannot .
The ITC available to Recepient if it's reflected in his 2A

1 Like

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 13 November 2019

No... it's difficult if Supliers filing quarterly based. Buyer can consider Monthly / Quarterly / Early basis.

shailendra shukla (Bhopal) (1741 Points)
Replied 13 November 2019

According to the current provision.... He cannot....... No explanation have been issued by the CBIC on the issue of quarterly filing of returns by the taxpayers.....

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 13 November 2019

Yes... No Explanation & Clarification about the same as Quarterly, Yearly also monthly based...

in case dept will take then consider with yearly based calculation...

subhagan sreerangam (7059 Points)
Replied 13 November 2019

Can take full invoice ITC for October 2019 ?

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 13 November 2019

Yes... You can.
But, Better to follow filing by Your supplier...

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 14 November 2019

Dear Raja Ji

The circular 123/42/2019 specifically restricts in availment of input
tax credit (ITC) in respect of invoices or debit notes, the details of which have not been
uploaded by the suppliers under sub-section (1) of section 37 Of CGST Act .
And As per Section 37(1) of CGST Act it's regular taxpayer whether filing outward supply Qtly or Monthly , both cover under it.

So it's being applicable in both .,

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 14 November 2019

Yes... The circular says 37(1).

But,
What about Quarterly returns under same sec...?
"Both cover under it" -> Yes... both cove under it then we can avail ITC monthly basis and it will check out quarterly. Nothing much problems...