As per notice released on 9th oct, itc data for fy 20-21 is to b considered from Feb to Aug 20 but as per my knowledge fy 20-21 starts from April 20 then why are we considering input tax of feb and march? Can someone pls clarify???
6 Replies
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 19 October 2020
There was relaxation provide by govt for period Feb to aug from these provisions which now stands annulled.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 19 October 2020
Tax payers cannot claim in excess of 10%of eligible ITC. However due to pandamic CBIC provided relaxation. But now since normalcy is achieved CBIC requires to comply with provisio.
NIRAJ KUMAR SINHA
(OFFICER)
(33 Points)
Replied 20 October 2020
There is one problem. If supplier files GSTR-1 quarterly, he will file for the month of July 2020 to September 2020 in the month of October 2020. Now how can we match this amount.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 20 October 2020
| Originally posted by : NIRAJ KUMAR SINHA | ||
 |
There is one problem. If supplier files GSTR-1 quarterly, he will file for the month of July 2020 to September 2020 in the month of October 2020. Now how can we match this amount. |  |
Bill date reflect the period in which the same will be reflected if bill is for 15Aug20 but the GSTR 1is filed on 20oct20. Then the same will reflect gstr-2a of August only and not in 2a of Oct
Bhavika Kothari
(CA)
(1258 Points)
Replied 30 October 2020
Due to Corona pandemic relaxation was given to taxpayers for the month of Feb and March 2020. This relaxation stated that the taxpayer can claim ITC based on the purchases booked by him. The 10% limit was excluded in this. But as you know September is the last month for taking ITC for previous financial year hence it is utmost important that you take ITC of Feb 2020 and March 2020 before September by applying 10% ITC rule
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