Mohan 13 December 2019
In the fy 17-18 unavailed ITC rs 60000 and another hand taken invalid ITC (assume ITC of car purchase) rs 60000.
Effect required as per Act : I've to reverse ITC on car and have to ignore unavailed ITC while filling GSTR9
Alternative : i can act like neither invalid ITC taken nor unavailed ITC is there......
means as above scenario...... can i show invalid ITC as unavailed ITC?....... so i can take unavailed ITC of the year 17-18 and free from reversal to invalid ITC..... by doing this i can save 120000.
and in accounting i can adjust this by AS-5.
last question : can we consider this as loophole under GST?