Input Tax Credit

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Proprietor
538 Points Posted on 24 October 2020
If the supplier filed August GSTR 1 after the due date but the before September GSTR 1 due date. Now my question is whether the buyer has to reverse the input and again take it as September input.
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On 24 October 2020 at 22:48 Report
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This discussion clarifies the rules around Input Tax Credit (ITC) when a supplier files their GSTR 1 return late, but before the next month's due date. Generally, if you've claimed ITC in August and the supplier's filing falls within the provisional ITC allowance (up to 110%), you do not need to reverse it. The consensus is that no reversal or re-claiming is necessary in such scenarios.

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Accountant
3662 Points Posted on 24 October 2020
Yes, you can take ITC in September month return
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On 24 October 2020 at 22:53
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Proprietor
538 Points Posted on 24 October 2020
Whether I have to reverse input if I have taken input in the month of August'20
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On 24 October 2020 at 22:56
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Accountant
3662 Points Posted on 24 October 2020
What is the invoice date?
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On 24 October 2020 at 22:57
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Proprietor
538 Points Posted on 24 October 2020
It is of August
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On 24 October 2020 at 22:58
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Accountant
3662 Points Posted on 24 October 2020
No need to reverse ITC
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On 24 October 2020 at 22:58
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Tax consultant
5895 Points Posted on 24 October 2020
Can you elaborate your question more clearly
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On 24 October 2020 at 23:02
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Proprietor
538 Points Posted on 24 October 2020
But I have seen one video on Clarification on 36(4) he told that we have to reverse it and again claim it
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On 24 October 2020 at 23:03
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Accountant
3662 Points Posted on 24 October 2020
Not required to reverse ITC

You can ITC upto 110%
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On 24 October 2020 at 23:12
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121 Points Posted on 24 October 2020
NO NEED TO REVERSE ITC and no need to claimed again....
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On 24 October 2020 at 23:30
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CA
1258 Points Posted on 30 October 2020

If the ITC was claimed in August GSTR1 and it was under the provisional ITC of 10% then you need to not reverse it

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On 30 October 2020 at 18:35
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CA
1258 Points Posted on 30 October 2020

If the ITC was claimed in August GSTR1 and it was under the provisional ITC of 10% then you need to not reverse it

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On 30 October 2020 at 18:36

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