ITC Rules says >> ITC will be taken after received of Goods /Service ...
GST Rules Says >> Should Matched between ITC Taken amount and GSTR-2A
But contradiction is here :--
Example : Uttarpradesh Supplier Issued Invoice dated 31/01/21 and We Received said Materials on 05/02/21
As per ITC rules , we have to take ITC on Feb 21
Result : in GSTR-2A --- For Jan 21 -- Excess ITC and For Feb 21 -- Shortage ITC
Question : What Can We do in above incidents ???
Please reply. thanks
As per Section 16(1)(b) "He has received the goods or services or both". There, no where mentioned that the Goods or Services or both has to be received with in the Tax Period. And also we are availing ITC as and when we are filing GSTR 3B. At that time, Goods will reached destination and above requirement will be fulfilled.
Hence, can avail ITC in the month of Invoice Date.
Here the concept of the provision is to avoid Fake Invoices.
Sir, So as per your advice its confirmed that ....
Materials will received 05/02/2021 and its entered in Raw Materials Stock register on 05/02/2021
But ITC will take on Jan 21 ( supplier Invoice date 31/01/2021 )
Am I right Sir ????
Please reply
Thanks Sir ----
One thing I came to know that Accept /Reject/Pending etc. Option of Input Invoices will be given to Recipient at New GST Return Portal from 1st January 2022 ..
Sir It is True ???
Please reply
If goods are received in Feb then better to claim ITC in Feb. This will help in the Audit. There will be fewer queries in the Audit. Read all about ITC here- https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/
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