As per New Rule, ITC 20% Under Rules 36 in GST I am having following:
My october Purchase input is SGST 10,800 CGST 10,800, IGST 1598.94
both purchasers are quarterly filing, so in this october month ITC will not shows in GSTR2A , how to file GSTR3B Oct month, how much input i have to take in GSTR3B the above rule applicable or not.
19 November 2019
the notification and circular issued regarding restriction on GST ITC credit is explained with the following example .
GST ITC credit exactly matching figures as pr GSTR 2 ( Purchase regitser) and GSTR 2 A 100.00
If GST Credit as per GSTR 2 110.00
Then eligible credit would be 100 + 20% on 100 = 120 or 110 which ever is lower
If GTSR Credit as per GSTR 2 is Rs.130.00 Then eligble credit would be 100+20% on 100 - 120 or Rs.130 whichever is lower Rs.120.00
The figures from 09.10.2019 only to be considered Import IGST credit , RCM credit and Credit from ISD can be taken In eligible credit to be deducted.
In your case NO credit is available in GSTR 2 A as vendors will file their quarterly returns in 3st Jan 19 , you cannot take credit on vendors who will file quarterly return. This is really affect work capital requirment.
19 November 2019
if your Credit in GSTR 2A in Nov and Dec 19 from other regular monthly return assessee , you are eligible to get additional 20% of amount shown in GSTR 2A which is partially taken care of quarterly return assessee . But full credit can be availed only in Jan 2020
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