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Eligibility of Input Tax credit

ITC / Input 334 views 13 replies

Audit Group1.1

8 Points Joined January 2020

During the Audit of our firm, Recovery has been demanded from the Audit team for the period prior to commencement of GST i.e. 1 july 2017. we had deposited the entire demand with applicable interest & penalty under RCM under CGST. My question is that if we can take input tax credit of the same or not ? if it is possible then how can we take ?

Replies (13)

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

You can take as an ITC.

since it was belongs earlier enactment, you must file few to carry forward from earlier service tax ,vat etc to GST

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Input Tax Credit not available...

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

TRANS-1 form

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Due date or applicable date...?

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

Cash should be paid for tax liable to be under RCM.You can not adjust ITC against RCM liability.
But after making tax for RCM liability, the tax paid under RCM can be claimed as ITC.

So if that ITC is not availed in earlier enactment then it can be carried forward to GST through form Trans-1 and Trans-2.

If deadline is over then you may visit GST office

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Mmm...
But, As per my view "ITC NOT AVAILABLE".

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

Reason

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

As per extended Due date is 31st Mar-19...

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

Latest Update!

7th Feb 2020:

GST TRAN-1 due date further extended up to 31st March 2020, where taxpayers could not submit before earlier deadline due to technical issues on GST Portal.