Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

eligibilty of ITC

Faheem Akram (802 Points)

14 June 2018

if tax invoice issued on 31st May but Goods is Received 3rd June in this I will take ITC in May or June ???

Reply
Follow
Share

10 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 14 June 2018

Only On June...
Not available on May...

Upgrade to CAclubindia Pro. Subscribe Now!

Faheem Akram (802 Points)
Replied 14 June 2018

but my supplier Show in May month???so how to match of This UTC??

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 14 June 2018

It's supplier duty for outward supplies in the month's return...
But,
Buyer will avail the ITC after received the goods at the time of receiving month...

1 Like

Faheem Akram (802 Points)
Replied 14 June 2018

when we accept that invoice will be in May of the GSTR 2 of the supplier so can I accept it may month of GSTR 2

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 14 June 2018

In case it's in GSTR 2 then You keep the invoice as "PENDING" and it's reflect Your next GSTR 2 return (June).

You can avail the ITC in June...

If You received the goods in July then You can avail the ITC on July return. Also You ll keep the invoice as pending in Your GSTR 2 for the month of May and June... 😊

Upgrade to CAclubindia Pro. Subscribe Now!

Faheem Akram (802 Points)
Replied 14 June 2018

If we invoice freez pending So Involve Date is in Month of May ......Date is kot reflected in June???

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 14 June 2018

Originally posted by : Faheem Akram
	If we invoice freez pending So Involve Date is in Month of May ......Date is kot reflected in June???

Yes... Definitly

2 Like

Faheem Akram (802 Points)
Replied 15 June 2018

if we keep the invoice as "pending" so same invoice will get in June Month for accepting ???

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 15 June 2018

As per section 16 (2) of the CGSt act 2017 you fulfil following conditions for ITC

1) you must have valid Invoice no with GSTN no .

2) you must receive goods / service

3) supplier must pay collected tax form customer to the GOVT

4) Supplier must file retrun

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 15 June 2018

@ Faheem Akram.,
Yes... You can take ITC for next which You left as Pending...
Also the same way time limit of ITC will be applicable...
***No more restriction...