Query related input tax

Hello,

Have a few queries related to availing Input tax credit:

1) Is it possible to claim input tax of previous months? Have not claimed input tax on the monthly rent that we have been paying from last couple of years.
2) If yes then Is it possible to claim input tax of previous years too?
3) Can I claim input tax of the entire financial year in one go or do I need to claim it every month?
4) Do I need to make the rent payment only through the Current account of our firm to claim the input tax or I can claim the input tac if I have paid the rent through my savings account?

Thanks in advance for all the help!

Mayur

Replies (21)
Quick Summary
This discussion addresses common queries regarding input tax credit (ITC) claims. It clarifies that ITC for previous financial years can generally be claimed, with specific deadlines related to the September return or annual filing date. The advice confirms that payments made from savings accounts are acceptable for ITC claims, provided the expense is business-related. It also touches upon the nuances of annual return filing obligations based on turnover.

MAYUR





you can claim provided all your input tax credit conditions are there.
1.yes you can claim but input relating to previous year you have to claim before sep month return of current year
ITC can be availed within 1year from the date of invoice or filing of annual GST Return for that financial year, which ever is earlier.
Mr Mayur,

1) yes you can claim input tax provided you are entitled to claim as per sec 16 like you should have invoice & etc.
2) yes you can claim ITC of F.Y. 2019-20 till '30th Sept or Datevof filling of annual Return whichever is earlier'
3) you can claim eMrntire eligible ITC at same time
4) you can claim ITC even if you have paid through your saving account (Reimbursement of Exp. ) but it should be related to business only
Gupta



it's not correct.
Mr. Sabyasachi ji


please tell us what is correct ?
1. registration
2. valid gst invoice
3. composite dealer will not get input tax credit.
4.savings account bank or cash is not the factor.
Mr. Sabyasachi ji

I think you have not read my answer properly
in point (1) I have mentioned sec 16 & Invoice
Composite dealer is not mention in Mr. Mayur's Ques. and composition dealer will not get ITC for any inward supply and he is talking about particular inward supply of rent so it is understood that he is talking about normal registered taxpayer
and I have also said that Payment from any type of account would not affect ITC

hope you got my point.
Dear mayur can we communicate in some other way
...
i can clear ur question with utmost clarity but it would difficult to tell u same through this typing platform ..
Current account or savings account is not the factor....
Originally posted by : Himanshu Gupta
Mr Mayur,1) yes you can claim input tax provided you are entitled to claim as per sec 16 like you should have invoice & etc.2) yes you can claim ITC of F.Y. 2019-20 till '30th Sept or Datevof filling of annual Return whichever is earlier'3) you can claim eMrntire eligible ITC at same time4) you can claim ITC even if you have paid through your saving account (Reimbursement of Exp. ) but it should be related to business only

Thanks for the revert, Himanshu!

I should have included a few basic details in my question to receive a precise answer. 

1) I can see the other party is filing gst and I can see details of the GST filed in 2A.

2) My annual turnover is less than 2 Cr. so I wouldnt be filing the Annual return. Do I still need to claim the input tax of previous years by Sept?

so what I can understand is that I can claim input tax of financial year 19-20 together by Sept 20.

Originally posted by : paleti diwakar
1.yes you can claim but input relating to previous year you have to claim before sep month return of current year

Thanks for the confirmation, Diwakar! Appreciated!

Originally posted by : Sanjay Rana
ITC can be availed within 1year from the date of invoice or filing of annual GST Return for that financial year, which ever is earlier.

Thanks, Sanjay! Does that mean that I can not claim input tax from April 19 to July19 as its been over a year now? My turnover is less than 2 crore so Annual filing is optional for me. 

Originally posted by : ansh 99
Dear mayur can we communicate in some other way ...i can clear ur question with utmost clarity but it would difficult to tell u same through this typing platform ..

Thanks, Ansh! I think Himanshu, Sabyasachi and Diwakar have cleared most of my doubts. Have given them more clarity to receive a few other inputs. Will wait for their reply. Will connect with you if I need further help! Thanks anyway! 

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