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GST ITC Doubt

ajay (Student) (178 Points)

23 April 2019

what will be the situation if a tax payer couldn't be able to claim itc for invoice pertaining to fy 2017-18 by the month of march 2019?

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7 Replies

Satya N Dharani (Finance Professional) (491 Points)
Replied 23 April 2019

He will loose his eligible ITC, actually as per GST rules ITC may be taken with in 1 year or before filing of Annual Return.

this is new tax era, hence, ITC period is extended upto Mar-2019.

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Padmanathan Kv (2127 Points)
Replied 23 April 2019

The ITC pertaining to 2017-18 ought to have been taken by month of march 2019. Hence it would lapse

Satya N Dharani (Finance Professional) (491 Points)
Replied 24 April 2019

not having clarity, vendor filed GSTR1 in Mar-2019 or you have availed manually in Mar-2019.

ajay (Student) (178 Points)
Replied 24 April 2019

for example if A purchases goods from B. B has filed his returns regularly and shown sales made to A and also paid the tax on such goods. But A could not able to file returns before march 2019. Is it possible to claim ITC after march 2019

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 24 April 2019

Yes , can claim ITC , but book that Invoice in FY 18-19 in your books of accounts

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jituparmar89@gmail.com (jituparmar89@gmail.com) (94 Points)
Replied 06 May 2019

i have a douts 17-18 some 2a purchase bill so i can claim in march -2019 gstr3b and i would be avail in itc and also bookes in 2018-19 book account because i have 2017-18 audit it return is filed...so that account is closed how i avail of...the same accounting entry please clarification of same..