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TAKEN OF ITC CLAIM

23 March 2019

The whole ITC as per invoices for the year 2017-2018 did not appear in GSTR2A.Can it take whole ITC as per invoices under custody.

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9 Replies

CA Ankit Garg (MD | Genuine Filings) (781 Points)
Replied 23 March 2019

Sir, it is so because your supplier has not shown it in his GST Return or not filed his return, you can take ITC on the basis of Invoice but ask your supplier to update it ASAP as, it is like DVAT, you have to match your purchase with supplier sales otherwise you may have to pay this ITC amount taken.

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 24 March 2019

Agree with Mr. Ankit.
You can take ITC and ask your vendor to update the same in GST-1.
However if the vendor denies to do the same, you will have to reverse the ITC which has been claimed

Rahul Rustagi (Student CA Final ) (310 Points)
Replied 24 March 2019

and in order to claim ITC, one of the condition as per section 16 is that the payment of tax to the credit of the government collected by the supplier is mandatory. If the supplier has not deposited the same then you may have to reverse the ITC as said by Ankit ji and Sahil ji.

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 24 March 2019

Also note that you will have to reverse the ITC along with interest

g mahesh Mundra (Business and tax consultant) (3299 Points)
Replied 24 March 2019

if the payment done by a supplier and he entered in b2c in that case

CA Ankit Garg (MD | Genuine Filings) (781 Points)
Replied 25 March 2019

It need to be revised in current GSTR-1

subhagan sreerangam (7059 Points)
Replied 25 March 2019

Need to be revised in current GSTR1 give more clarification.

CA Ankit Garg (MD | Genuine Filings) (781 Points)
Replied 25 March 2019

"It need to be revised in current GSTR-1"

Please ignore this post, I have posted it somewhere else but it posted here due to some error. This post is not meant for this query.