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Inadmissible itc sec 16(4)

Sachin Bhor (Article Assistant) (29 Points)

23 January 2020

inadmissible itc please guide

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arun gowtham (student) (171 Points)
Replied 23 January 2020

As per section 16(4) The last date for taking Input Credit for the FY, Filing the GSTR 3B return For the month of October Or Annual Return (i.e GSTR-9) Whichever is earlier.

PrabuSubramanianThangavelpilai (CA Article Assistant) (132 Points)
Replied 23 January 2020

ITC is made with adequate restrictions and conditions to avoid superfluous availment of ITC.

One such condition is imposed under Sec 16(4) of CGST Act 2017, that the last date for taking the input tax credit in respect of any invoice or debit note pertaining to a financial year is the due date of furnishing of the return under Section 39 for the month of September following the end of the financial year or furnishing of the relevant annual return, whichever is earlier.