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Query related input tax

Mayur (Business Owner) (185 Points)

15 August 2020

Hello,

Have a few queries related to availing Input tax credit:

1) Is it possible to claim input tax of previous months? Have not claimed input tax on the monthly rent that we have been paying from last couple of years.
2) If yes then Is it possible to claim input tax of previous years too?
3) Can I claim input tax of the entire financial year in one go or do I need to claim it every month?
4) Do I need to make the rent payment only through the Current account of our firm to claim the input tax or I can claim the input tac if I have paid the rent through my savings account?

Thanks in advance for all the help!

Mayur

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21 Replies

sabyasachi mukherjee (26263 Points)
Replied 15 August 2020

MAYUR

you can claim provided all your input tax credit conditions are there.

1 Like

paleti diwakar (44 Points)
Replied 15 August 2020

1.yes you can claim but input relating to previous year you have to claim before sep month return of current year

1 Like

Sanjay Rana (56 Points)
Replied 15 August 2020

ITC can be availed within 1year from the date of invoice or filing of annual GST Return for that financial year, which ever is earlier.

1 Like

Himanshu Gupta (56 Points)
Replied 15 August 2020

Mr Mayur,

1) yes you can claim input tax provided you are entitled to claim as per sec 16 like you should have invoice & etc.
2) yes you can claim ITC of F.Y. 2019-20 till '30th Sept or Datevof filling of annual Return whichever is earlier'
3) you can claim eMrntire eligible ITC at same time
4) you can claim ITC even if you have paid through your saving account (Reimbursement of Exp. ) but it should be related to business only

1 Like

sabyasachi mukherjee (26263 Points)
Replied 15 August 2020

Gupta

it's not correct.

Himanshu Gupta (56 Points)
Replied 15 August 2020

Mr. Sabyasachi ji

please tell us what is correct ?

sabyasachi mukherjee (26263 Points)
Replied 15 August 2020

1. registration
2. valid gst invoice
3. composite dealer will not get input tax credit.
4.savings account bank or cash is not the factor.

Himanshu Gupta (56 Points)
Replied 15 August 2020

Mr. Sabyasachi ji

I think you have not read my answer properly
in point (1) I have mentioned sec 16 & Invoice
Composite dealer is not mention in Mr. Mayur's Ques. and composition dealer will not get ITC for any inward supply and he is talking about particular inward supply of rent so it is understood that he is talking about normal registered taxpayer
and I have also said that Payment from any type of account would not affect ITC

hope you got my point.

ansh 99 (227 Points)
Replied 16 August 2020

Dear mayur can we communicate in some other way
...
i can clear ur question with utmost clarity but it would difficult to tell u same through this typing platform ..

1 Like

sabyasachi mukherjee (26263 Points)
Replied 16 August 2020

Current account or savings account is not the factor....

Mayur (Business Owner) (185 Points)
Replied 16 August 2020

Originally posted by : Himanshu Gupta
	Mr Mayur,1) yes you can claim input tax provided you are entitled to claim as per sec 16 like you should have invoice & etc.2) yes you can claim ITC of F.Y. 2019-20 till '30th Sept or Datevof filling of annual Return whichever is earlier'3) you can claim eMrntire eligible ITC at same time4) you can claim ITC even if you have paid through your saving account (Reimbursement of Exp. ) but it should be related to business only

Thanks for the revert, Himanshu!

I should have included a few basic details in my question to receive a precise answer.

1) I can see the other party is filing gst and I can see details of the GST filed in 2A.

2) My annual turnover is less than 2 Cr. so I wouldnt be filing the Annual return. Do I still need to claim the input tax of previous years by Sept?

so what I can understand is that I can claim input tax of financial year 19-20 together by Sept 20.

Mayur (Business Owner) (185 Points)
Replied 16 August 2020

Originally posted by : paleti diwakar
	1.yes you can claim but input relating to previous year you have to claim before sep month return of current year

Thanks for the confirmation, Diwakar! Appreciated!

Mayur (Business Owner) (185 Points)
Replied 16 August 2020

Originally posted by : Sanjay Rana
	ITC can be availed within 1year from the date of invoice or filing of annual GST Return for that financial year, which ever is earlier.

Thanks, Sanjay! Does that mean that I can not claim input tax from April 19 to July19 as its been over a year now? My turnover is less than 2 crore so Annual filing is optional for me.

Mayur (Business Owner) (185 Points)
Replied 16 August 2020

Originally posted by : ansh 99
	Dear mayur can we communicate in some other way ...i can clear ur question with utmost clarity but it would difficult to tell u same through this typing platform ..

Thanks, Ansh! I think Himanshu, Sabyasachi and Diwakar have cleared most of my doubts. Have given them more clarity to receive a few other inputs. Will wait for their reply. Will connect with you if I need further help! Thanks anyway!