30 October 2018
Our Company Purchases an Asset value Rs.7.43 crore(Base Value: Rs. 6.30crore and IGST: Rs. 1.13crore). but we paid 1.20crore recently and balance will be paid as part payments over 60 months.(Invoice received and Asset also installed at out factory) Now the Supplier of Asset has entered the sale details in his GSTR1 but he hasn't filed submitted GSTR1. The transaction is showing our GSTR1A , but cant accept it because Supplier hasn't submitted. GSTR1. My query is can we avail the credit . If yes can we avail whole amount in the current month.
30 October 2018
Ok here if we take ITC also , then again in future we need to reverse the ITC and add to output liability along with Interest. After payment in future we can claim ITC but Interest paid is a loss. Ok we will not claim ITC now, then how to approach in this case, as the Invoice is reflecting in GSTR2A
CAclubindia
