Simple (ACTT) (57 Points)
31 August 2020R/ All Members
My Company Purchase Capital Good in Feb 2020 For Business Use. and GST Amount of invoice 50 Lac.
My Q. Is how the manner to Take ITC by Monthly Rs 83333.00(50 lac/60) Installment for 60 month
1. Take ITC By monthly Rs 83333.00 per month in 3B
2. take ltc full 50 lac in Feb 20 3B because its show in 2A, and adjust Rs 83333.00 with liability only monthly 50lac/60 amount every
3. any other manner
thanks in Adanve
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 31 August 2020
The 60 months credit reversal is under Rule 43 wherein the capital goods is used for both taxable as well as exempt outward supply.
In such a case only - full ITC to be claimed in the first month and 50lakh/60 months to be bifurcated and reduced from ITC ledger on monthly basis with interest.
Where no exempt supply entire 50 lakh can be claimed in the month when invoice and goods received.
Simple
(ACTT)
(57 Points)
Replied 31 August 2020
Sir , thanks for your Reply
Buy i have not take full ITC 50 lac in Feb 3B and now file 3B up to June 2020
What should I do Now
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 31 August 2020
Yes please do file in upcoming return. ITC of FY 19-20 can be claimed before Sep 2020 GSTR 3B due date. (Section 16(4)-CGST Act)
Simple
(ACTT)
(57 Points)
Replied 31 August 2020
Thanks Once Again
Sir, Its Ok , I can take ITC up to sep 2020 , but I have file all 3B of FY 2019-20
IS you mean , I can take ITC next 3B , but it is FY 2020-21 Not FY 2019-20
When i Take ITC in FY 2020-21 B3 , My net electronic credit ledger balance show (-)
IT Mean I take Excess ITC as 2A
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 31 August 2020
If the transaction is showing in GSTR 2A by Feb 2020 or before ITC is claimed in GSTR 3B and you have claimed such credit in GSTR 3B by Sept 2020 (in FY 2020-21) for FY 2019-20 it is perfectly fine.
GSTR 9 - Part V disclosure required in FY 19-20
Simple
(ACTT)
(57 Points)
Replied 31 August 2020
Thanks A lot
It is my final Q , Please reply
as your Above said state , But I already take ITC Rs 83333.00 (50Lac/60) from Feb20 ti Till Month in 3B as a Month EMI of 60 month
But i have some Daute:
1. Is I Should continue current manner , Take ITC Rs 83333.00 Every Month till 60 Month Next
2. Is shloud take ITC Whole Amount 50 Lac in one or more month before Sep 2020
Note: MY Electronic ledger balance show (-) due to difference in 2A or ITC claim amount
Thanks for your all reply
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