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ITC RECLAIMED

27 April 2021

whether excess reversal under rule 42 to of input tax credit of 2017-18 Under GST act, can be reclaimed in 3b for the financial year 20-21?

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 27 April 2021

Yes ITC can be claimed

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 27 April 2021

Yes it can be reclaimed

CA AKSHAY VARMA (74 Points)
Replied 27 April 2021

Can you provide the provision related to above question

chethan data (298 Points)
Replied 27 April 2021

Rule 42 & 43 of cgst rule if we provision reverse made excess than final reverse then we can claim what we made provision excess than final before sep of next year but rule if made excess reverse we have re credit that to before sep month of next year relevant supply made

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 28 April 2021

No.... the ITC cannot be reclaimed now .
It's clearly prescribed in proviso u der Section 16 (4) of CGST Act , can be claimed till September 2018 .
Note : As per RoD 2/2018 for Fy 2017-18 it's being extended to 31/3/2019