30 December 2019
We are an mfg. company. some of our suppliers filing their GSTR1 on quaterly basis. Please advise in that case can we take the 100% ITC of that bill or we have to take 20% of ITC in our returns as he is filing his return on qrt. basis. Please advise with exaple if possible.
30 December 2019
The govt has issued a circular- 123 with respect to rule 36(4). This circular does not speak about the vendors who file quarterly returns. This shows that the additional credit of 20% over and above the invoices reflected in GSTR-2A is given after taken into consideration the quarterly filers. Therefore only 20% of ITC with respect to vendors who file quarterly returns will be allowed each month.