ITC20% Under Rule 36 in GST doubts
This query is : Open
19 November 2019
Sir,
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.
So I request kindly clarify my doubts
Thanking you
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.
So I request kindly clarify my doubts
Thanking you
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.
.
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
Thank Sir for your quick reply,
But if i am not taken ITC in this month when I have to take my credit input , purchaser will file in jan 2020,
Please kindly guide me
But if i am not taken ITC in this month when I have to take my credit input , purchaser will file in jan 2020,
Please kindly guide me
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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