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GST Input for Last Financial Year

ITC / Input 322 views 4 replies

Leela

Manager

24 Points Posted on 29 November 2021

Hi All,

We have received one vendor invoice in March'21 and claimed the input accordingly, vendor has filed GSTR1 on time but GSTR-3B filed in October'21.

We have filed our GSTR 3B till September'21, now wanted to understand input will be laps (reject by Dept.) or granted ? Can we ask vendor for Debit/Credit Note and adjust the same in October month ?

Please suggest.

Replies (4)

CA Aakarsh Jain

10436 Points Posted on 29 November 2021

GST will be granted, don't worry. For details please check your inbox.

No ITC will be available because ITC is available only that Sep'21 from End of FY 2020-21 or 1 year from Invoice date whichever is earlier.ie,ITC can be taken in Sep'21 Gst return.You can ask your vendor to issue Credit Note for the GST part...

CA Akshay Hiregange

Partner - Audit & Assistance

4825 Points Posted on 02 December 2021

Sec 16(2)(c) - recipient must ensure tax is paid to govt. Although, this was possible in GSTR 2 & 3 were enabled. In absence of a mechanism available from the govt. it cannot be expected that a recipient will follow up with all his vendors to check if their GSTR 3B is filed. And even if so it does not guarantee that tax on that invoice is paid without verifying the reconciliations. There are many case laws to support that recipient cannot be held liable for non-filing of GSTR 3B by vendors.

If GSTR 2 reflection is there, valid tax invoice, payment against invoice made to vendor, receipt of goods/services - credit is eligible. As it was already claimed within Sep 21 deadline, ITC is fully eligible.