27 October 2020
Sir I have a query on ITC on Inputs for the year 2018-19.My client had claimed/availed and utilized ITC on input in the year 2018-19.Complied condition of Sec 16(2) and Rule 37 of CGST Act,and Rule . Supplier had filed his GSTR-1 on 18/08/2020 for the month of Feb-2020 and disclosed transaction of year 2018-19 after cut off period of Oct-2019.(System Generated Annual Return form-9 ) Q Have I required to reverse ITC along with 18% Interest (Tax amt.is 3.5 Lacs
28 October 2020
You have to claim as per rule 36(4) calculation from 9th October 2019.I do not advise you to reverse the ITC claimed before October 2019, but yes there will be possibility of objection from the department but you should fight it out legally.
CAclubindia
