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Time limit to reclaim ITC reversed on Retention amount for FY 1718?


GIRISH LELE   19 October 2018

GIRISH LELE

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We reversed proportionate ITC on certain retentions done in FY 1718. Can we availed this credit as and when we pay this to vendors? Please guide

avater

Pankaj Rawat (GST Practitioner)     19 October 2018

Pankaj Rawat
GST Practitioner 
 3496 likes  47334 points

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As per proviso of Section 16(2)
The recipient shall be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon.
And As per Sub rule (4) of Rule 37, The time limit of September month will be not apply in case of Reclaiming of Credit.

Hence can Reclaim of credit (As per section 16(2) can be claim After Sept18 also


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