GST input query.

198 views 1 replies
Query 1:- In ABC Ltd GST input receivable in the balance sheet (Eligible Unclamied GST input accounted in the balance sheet of FY 2018-19 for claiming such input in subsequent finacial year ( ie, in FY 2019-20)before the Maximum time limit of claiming the ITC under the section 16(4) of GST)as on 31-3-2019 Rs. 300000, subsequent year such input is not claimed, this input receivable is charged to next year p&l as a expense,( in FY 2019-20) then this expense is treated as prior period item? This expense is disallowed as prior period expense or not in income tax?



Query 2:-In ABC Ltd GST input receivable in the balance sheet (Ineligible Unclamied GST input accounted in the balance sheet of FY 2018-19 for claiming such input in subsequent finacial year ( ie, in FY 2019-20)before the Maximum time limit of claiming the ITC under the section 16(4) of GST)as on 31-3-2019 Rs. 600000, subsequent year such input is not claimed, this input receivable is charged to next year p&l as expense,( in FY 2019-20) then this expense is treated as prior period item? This expense is disallowed as prior period expense or not in income tax?
My view :- in my second query ineligible itc unclaimed in next year FY 2019-20 charged to P & L is treated as prior period item and also dissallowed in income tax, because at the time of income tax audit of FY 2018-19 auditee can easily identity the ineligible itc as per section 17(5) in GST, if such input accounted in FY 2018-19 as GST Receivable for claiming such input in FY 2019-20 that is clear mistake, therefor it is a prior period item and also dissallowed as prior period item in income tax
Need expert opinion
Replies (1)
This is a bit grey area, however, it seems genuine not to book expense in FY 2018-19, and should be allowed as an expense in FY 19-20.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details