RELATED TO GSTR-2B

This query is : Resolved

Rahul Katole (Querist)
Follow

18 December 2020 R/sir,
As of now,GST Regime has several amendments but now this time gov. has given bracket to claim ITC from NOV.20. Actually a little confusion raise in my mind while i m trying to file GSTR-3B. The problem is simple as many taxpayers facing like me.

One of Client is trading in Electronics goods he purchase 7 lakh rs. goods @18 & @12% , ITC almost generated 126000 in rs. in Nov.20 month and he made sale around 6 lakh rs. @18% calculate in Rs. 108000. Its a one part of the story. By Nov.20 month auto-populated or system generated GSTR-2B showing total ITC only 40000/-Rs. till 17/12/2020.
Now tell me how could i set off my (108000 - 40000)= 68000 liabilities in such case.?

thank you so much sir

Lekhraj sood

Lekhraj sood (Expert)
Follow

18 December 2020 Yes, this is very unfortunate part for the recipient.You have to ask your supplier to file GSTR1 intime.

Message likes : 1 times

Rahul Katole

Rahul Katole (Querist)
Follow

18 December 2020 Ohk, but sir how could they file before QTR due date....?

because hard copy bill received before and return filing period is 90days in GSTR-1.
Suppose if i purchased in NOV.20 i got bill and party other party says we will file in jan.21 month on due date. in such case TAX liabilities occur. and we don't want to pay tax in cash because of ITC in bills.
plz suggest me that is there any problem if i am taking advantage of all bills in my hand.?

thank you so much sir in advance for your advice.....

Upgrade to CAclubindia Pro. Subscribe Now!

Lekhraj sood

Lekhraj sood (Expert)
Follow

18 December 2020 ITC is to be taken as per rule 36(4).However, this rule is challenged in high court. If you are ready for litigation then you can claim ITC of bills by following conditions under section 16.