Input credit

Ksreddy (Md) (53 Points)

08 September 2019  

One of our supplier from whom we have bought tiles have gone bankrupt. We have bought some tiles from them and paid GST and completed our payment and we have sold the tiles to a third party. We have all the waybills and invoices from the supplier to show that they have supplied us the good. We have filed the same in GST returns and have taken credit for the same. The Supplier has also accepted the same and counter party submit status in our GST 2B shows that the status as YES. Now since the company from whom we have bought the tiles is bankrupt I am not sure if they have made payment of there GST. Is the fact that counter party submit status is YES, enough for me to take GST Input. This is pertaining to purchase made in October 2017. This was for the first year of roll our of GST and I was reading some where that for the first year of GST roll out, Its enough if supplier has filed it in his returns and is reflecting in our GSTR2. This is the link for the page https://economictimes.indiatimes.com/news/economy/policy/finance-ministry-allows-businesses-to-claim-gst-input-credit-benefit-for-fy18-till-mar-2019/articleshow/67365702.cms?from=mdr.   As its reflecting in my GSTR 2 and is for the first year of GST roll out, Can the input happen with out any hassle

Read more at: https://www.caclubindia.com/forum/counter-party-submit-status-528064.asp?offset=1