21 August 2020
Unclaimed ITC for Fy 2019-20 is claimed in the Month of May - 2020. However it is over and above 110% of GSTR2A ITC for the month of May 2020. What would be the effect for this in the month of September 2020. (Since 110% of ITC will be accumulated Feb-Sep 2020). Do i need to reduce my September 2020 ITC to that extend which i claimed excessively in the month of May 2020.
21 August 2020
You have to ensure that for the block of the period from Deb 20 to August 20, the credit availed is compliance to rule 36(4).In between the months if you have taken less or more then that should be fine.
CAclubindia
