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Input tax credit
From which month availment of 20% of ITC is applicable in 3B whether from October or November?
Replies (10)
From October-19 (on or after 9th).
The Oct-19 GSTR 3B return on or before 20th November 19...
The Oct-19 GSTR 3B return on or before 20th November 19...
It means if I purchase on 2 oct, then full ITC can be claimed or 20%?
If the same is reflecting in your GSTR-2A you can claim full ITC of it!
It is not reflecting in 2A?
Yes you can claim full credit in Oct Return if all conditions of Section 16 are fulfilled, even though it is not appearing in 2A
| Originally posted by : SUSHANT KUMAR | ||
 |
It means if I purchase on 2 oct, then full ITC can be claimed or 20%? |  |
It means if I purchase on 2 oct, then full ITC...
Yes... But As per GSTR-2A provisions applicable before the amended rules.
| Originally posted by : SUSHANT KUMAR | ||
|
It means if I purchase on 2 oct, then full ITC can be claimed or 20%? | |
It means if I purchase on 2 oct, then full ITC...
Yes... But As per GSTR-2A provisions applicable before the amended rules.
| Originally posted by : SUSHANT KUMAR | ||
|
It is not reflecting in 2A? | |
Then You must be reverse or pay with Interest...
( It's very difficult o consider which one is best option. So, You Will/can follow the new rule)
New 20% ITC Rule is applicable from 09th October 2019.
Before 09th October 2019, you have to satisfy all the FOUR CONDITIONS as laid down u/s 16(2) of the CGST Act 2017 for claiming ITC.
Before 09th October 2019, you have to satisfy all the FOUR CONDITIONS as laid down u/s 16(2) of the CGST Act 2017 for claiming ITC.
Yes agree with Mr. Shivam .
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