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ITC ON EARLIER INVOICES

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hari

excise incharge

89 Points Posted on 13 February 2021

SIR,

FROM FEBRUARY ONWARDS ITC SHOULD BE TAKEN AS PER 2B. MY QUESTION IS HOW CAN WE AVAIL ITC ON EARLIER INVOICES(I.E ITC NOT TAKEN ON EARLIER MONTHS). THE MATERIALS DESPATCHED ON 30TH AND 31 OF THE CURRENT MONTH WILL RECEIVE AT FACTORY ON 4TH 5TH OF NEXT MONTH AND WE TAKE ITC ON MATERIAL RECD MONTH. EVERY MONTH DESPATCHES ON LAST DAYS OF THE MONTH IS VERY HUNGE.. HOW CAN WE TAKE THE ITC. PLEASE ADVISE.

REGARDS

Replies (3)

Quick Summary

This discussion addresses the complexities of claiming Input Tax Credit (ITC) on invoices from previous periods, particularly when goods are received in a subsequent month. It highlights the challenges of adhering to deadlines and explores the implications of Section 16(4) of the GST law, which restricts ITC claims for specific financial years. Experts offer guidance on how to proceed when ITC has been disallowed due to lapsed timelines.

CA Altamush Zafar

GST Consultant

10402 Points Posted on 13 February 2021

Yes you can claim itc on receipt of goods. But cannot claim itc of invoices pertaining to FY 2019-20 or before

KULDEEP SINGH

22 Points Posted on 13 February 2021

I got assessment order u/s 73 for the m/o Feb 2020 & March 2020 for Rs.1400000/- , GST department disallow my ITC u/s 16(4), total ITC with Interest & penalty,

What to do now ? Experts help me