ITC Credit
This query is : Resolved
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.
Therefore only 20% of ITC with respect to vendors who file quarterly returns will be allowed each month.
30 December 2019
Yes , Agreed with CA Ashwini Seeram's view.
This circular has failed to address the situation where suppliers have opted for quarterly filing of GSTR-1 while the recipient files monthly GSTR-1.
You have no option but to wait for them to file their quarterly return for claiming ITC
This circular has failed to address the situation where suppliers have opted for quarterly filing of GSTR-1 while the recipient files monthly GSTR-1.
You have no option but to wait for them to file their quarterly return for claiming ITC
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