A material which was exempt until September 2019 became taxable thereafter. They have took ITC proportionately on few capital goods in one shot. Is it possible now to reclaim ITC by filing Form GST ITC 01?
5 Replies
CA Abhishek Goel
(Indirect taxes )
(131 Points)
Replied 07 May 2020
Sir, could please elaborate the query.
sathya kumar s
(Accountant)
(199 Points)
Replied 07 May 2020
Sir, cut off date to claim ITC through form ITC 01 when an exempt supply of goods becomes taxable supply. [Section 18(1)(d)]
CA Abhishek Goel
(Indirect taxes )
(131 Points)
Replied 07 May 2020
Sir the cut off date as per law is 30 days from the date you become eligible to avail the ITC (the day preceding the day on which exemption was withdrawn) and such date can only be extended by Commissioner.
Recent Topics
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
Related Threads
CAclubindia
