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ITC CLAIM AS PER NEW RULE (ALLOW ONLY 10% AS PROVISIONAL ITC)

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Chintan

sysadmin

23 Points Posted on 06 February 2020

Hi as per new rule only 10% provisional itc allowed but my que is my client has applied for new gst no in Jan 20 and in feb he has filed gst 3b and also claimed itc and paid liability from that even in gstr 2a no credit available so is their any issues arise in future for panelty etc. He opted quarterly filing mode.
Pls guide us from expert
Thanks in advance

Replies (4)

Quick Summary

This discussion addresses concerns about the new rule limiting provisional Input Tax Credit (ITC) to 10%. A user is seeking clarification on claiming ITC for a client's first GST return, filed in February, where no credit was available in GSTR 2A. The core issue is whether claiming ITC under these circumstances, before suppliers file their returns, will lead to future penalties, especially given the quarterly filing mode.

Roshni

Studwnt

730 Points Posted on 06 February 2020

If everything is clear then why would someone ask you interest or penalty

RAJA P M

"Do the Right Thing...!!!"

77833 Points Posted on 06 February 2020

@ Mr Chintan.,

If ITC not available in GSTR 2A then How You take ITC as per new rule...?!

Chintan

sysadmin

23 Points Posted on 06 February 2020

Exactly if ITC is not available in GSTR 2A than portal should redirect me to pay from bank account. But here GST portal has set off from eligible provisional ITC which i have mentioned in 3b and GSTR 2A has no ITC available as this is the first return filed because client has taken gst no in January. Even supplier will file gstr 1 in March 20 as he is in quarterly return method