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ITC on Capital Good Purchase last year

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52 Points Posted on 03 September 2020

R/Member

MY Company Purchase capital good last yeas FEb 20 2019-20

But forget to take ITC in FEB and MArch 20 3B

Can we take ITC in FY 2020-21 3B Monthly Return , ir yes how can

If other way please help me

R/ All Members My Company Purchase Capital Good in Feb 2020 For Business Use. and GST Amount of invoice 50 Lac. My Q. Is how the manner to Take ITC by Monthly Rs 83333.00(50 lac/60) Installment for 60 month 1. Take ITC By monthly Rs 83333.00 per month in 3B 2. take ltc full 50 lac in Feb 20 3B because its show in 2A, and adjust Rs 83333.00 with liability only monthly 50lac/60 amount every 3. any other manner thanks in Adanve

Read more at: https://www.caclubindia.com/forum/itc-on-capital-good-purchase-555205.asp

Replies (2)

Quick Summary

This discussion addresses how to claim Input Tax Credit (ITC) for capital goods purchased in February 2020, specifically for an invoice of £50 lakh, where the ITC was initially missed. The consensus is that ITC can still be claimed in the Financial Year 2020-21, up to the due date of the September return of the next financial year (20th October 2020) or the annual return filing date. It's advised to claim this missed ITC in a subsequent GSTR 3B return under the 'other ITC' column.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 03 September 2020

As Per GST law, Time limit to claim ITC against an Invoice or Debit Note is earlier of below dates:

The due date of filing GST Return for September of next Financial year (i.e 20th October, 2020)
OR
Date of filing the Annual Returns relevant for that Financial year

So, you can take ITC of Capital Goods Purchased in February, 2020 in F.Y 2020-21 up to 20th October, 2020 in any GSTR 3B (add this with normal ITC of that month in "other ITC" column)

CA Saloni

Manager-Accounts & GST Consultant

3197 Points Posted on 03 September 2020

Agree with Mr Sagar, you can claim the ITC in the next 3B you file. If you have taken the ITC in your books in Feb 20, do prepare a reconciliation of ITC in books and as per 3B.