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Input Tax Credit


Amit Jain (Proprietor )     24 October 2020

Amit Jain
Proprietor  
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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.

JATINDER KUMAR (Accountant)     24 October 2020

JATINDER KUMAR
Accountant 
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Yes, you can take ITC in September month return

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Amit Jain (Proprietor )     24 October 2020

Amit Jain
Proprietor  
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Whether I have to reverse input if I have taken input in the month of August'20

JATINDER KUMAR (Accountant)     24 October 2020

JATINDER KUMAR
Accountant 
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What is the invoice date?

Amit Jain (Proprietor )     24 October 2020

Amit Jain
Proprietor  
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It is of August

JATINDER KUMAR (Accountant)     24 October 2020

JATINDER KUMAR
Accountant 
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No need to reverse ITC

avater

ayusmita (Tax consultant)     24 October 2020

ayusmita
Tax consultant 
 164 likes  2324 points

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Can you elaborate your question more clearly

Amit Jain (Proprietor )     24 October 2020

Amit Jain
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But I have seen one video on Clarification on 36(4) he told that we have to reverse it and again claim it

JATINDER KUMAR (Accountant)     24 October 2020

JATINDER KUMAR
Accountant 
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Not required to reverse ITC

You can ITC upto 110%

avater

AMAN RK JAIN   24 October 2020

AMAN RK JAIN

 4 likes  121 points

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NO NEED TO REVERSE ITC and no need to claimed again....


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