Input tax credit
SUSHANT KUMAR (Employed) (258 Points)
04 December 2019
From which month availment of 20% of ITC is applicable in 3B whether from October or November?
10 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2019
From October-19 (on or after 9th).
The Oct-19 GSTR 3B return on or before 20th November 19...
The Oct-19 GSTR 3B return on or before 20th November 19...
SUSHANT KUMAR
(Employed)
(258 Points)
Replied 04 December 2019
It means if I purchase on 2 oct, then full ITC can be claimed or 20%?
Raksha
(Student CA Final )
(397 Points)
Replied 04 December 2019
If the same is reflecting in your GSTR-2A you can claim full ITC of it!
Suresh Mittal
(Proprietor)
(641 Points)
Replied 04 December 2019
Yes you can claim full credit in Oct Return if all conditions of Section 16 are fulfilled, even though it is not appearing in 2A
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2019
| Originally posted by : SUSHANT KUMAR | ||
 |
It means if I purchase on 2 oct, then full ITC can be claimed or 20%? |  |
It means if I purchase on 2 oct, then full ITC...
Yes... But As per GSTR-2A provisions applicable before the amended rules.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2019
| Originally posted by : SUSHANT KUMAR | ||
|
It means if I purchase on 2 oct, then full ITC can be claimed or 20%? | |
It means if I purchase on 2 oct, then full ITC...
Yes... But As per GSTR-2A provisions applicable before the amended rules.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2019
| Originally posted by : SUSHANT KUMAR | ||
|
It is not reflecting in 2A? | |
Then You must be reverse or pay with Interest...
( It's very difficult o consider which one is best option. So, You Will/can follow the new rule)
Shivam RC
(Student)
(23683 Points)
Replied 04 December 2019
New 20% ITC Rule is applicable from 09th October 2019.
Before 09th October 2019, you have to satisfy all the FOUR CONDITIONS as laid down u/s 16(2) of the CGST Act 2017 for claiming ITC.
Before 09th October 2019, you have to satisfy all the FOUR CONDITIONS as laid down u/s 16(2) of the CGST Act 2017 for claiming ITC.
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