I HAVE REGISTERED A FIRM UNDER GST ON 01/12/2018 WHEREAS I HAVE MADE PAYMENTS TO MANY VENDORS BEFORE REGISTRATION WITH GST. CAN I CLAIM CREDIT OF THE SAME AND IF YES THEN HOW?
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Claiming input credit
Replies (3)
No,
1. As per section 16 of CGST act 2018 Input tax credit shall be availed by only registered person on the basis of
Invoice of Suppliers of Goods or services.
2.Input tax credit shall be availed by a registered person only if the said
document contains details of the amount of tax charged, descripttion of goods or services,
total value of supply of goods or services or both, GSTIN of the supplier and recipient
and place of supply.
Your GSTIN no is not mentioned on the invoice issued by suppliers thats why ITC not available.
As per Rule 40 CGST Act :
The registered person shall within thirty days from Immediately preceding the date from which he become liable pay tax can availi nput tax credit under sub-section (1) of section 18 shall make a declaration, electronically,
on the Common Portal in FORM GST ITC-01
The registered person shall within thirty days from Immediately preceding the date from which he become liable pay tax can availi nput tax credit under sub-section (1) of section 18 shall make a declaration, electronically,
on the Common Portal in FORM GST ITC-01
Yes you can claim itc of stock in hand by filing itc 01
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