Note that we are filling GSTR 3B for the month of Oct,2019 as on 05/11/2019 . we did not know that new Input Tax Credit rule ( GSTR 2A + 20% ) was introduce from 09/10/2019 . As per our Book of Calculation Oct,2019 (Output Tax - Input Tax) come Rs. 2,40,500.00 (As per old Calculation) which Paid & fill Return. But if New Input Tax Credit rule follow then Our Tax Liability Come 2,85,200.00. Now what to do because GSTR 3B return not revised.........
GSTR 2A +20%
Replies (7)
Your query is not cleared Dear...
As per my understandings the above
If You are paid less amount then pay the amount in Your next GSTR 3B return with interest...
(Please elaborate Your query with correct details)
As per my understandings the above
If You are paid less amount then pay the amount in Your next GSTR 3B return with interest...
(Please elaborate Your query with correct details)
The circular 123/42/2019-GST dated 11th November 2019, to bring clarity on Rule 36(4) of the CGST Rules inserted vide notification 49/2019-CT dated 9th October 2019 clearly states that, 20% ITC restriction is on an invoice dated or credit claimed (it means considering in returns) on or after 9th October, 2019. Hence as we filed on 05th October, 2019 which doesn't consists of invoices from 9th October, 2019 no need of any adjustments.
As per query and My understanding... 👇
As per query GSTR 3B Return is Oct -19 & filed date 05/11....
As per query GSTR 3B Return is Oct -19 & filed date 05/11....
GSTR2A +20% Additional Credit rule With Effect From Which Date & Which Month we started this rule OCt, 2019 to Nov,2019
Reverse the excess credit which is availed in Oct'19 in GSTR-3B of Nov'19 along with interest. The rule is effective for the invoices or credit claimed on or after 09th October, 2019.
@ TUKAI.,
The said rule applicable from 9th October 2019.
It's mean from 9th oct-19 Your all inwards shown in GSTR 2A then You can claim full ITC for the month (if Oct).
If not shown in GSTR 2A then You can avail ITC for the calculation of
GSTR 2A + 20% of GSTR 2A value
or
As per Your books ITC... whichever is lower...
The said rule applicable from 9th October 2019.
It's mean from 9th oct-19 Your all inwards shown in GSTR 2A then You can claim full ITC for the month (if Oct).
If not shown in GSTR 2A then You can avail ITC for the calculation of
GSTR 2A + 20% of GSTR 2A value
or
As per Your books ITC... whichever is lower...
THANKS FOR YOUR REPLY
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