Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Regarding 20percent ITC rule

Kamlesh Tolani (accountant) (562 Points)

18 November 2019

Respected all Members
Please suggest me
In October ITC in books 350000
In October 11 gstr2A. 98000
In October 18 Gstr2A. 250000
Now
Questions is Howmany ITC taken in gstr3B.98000 Or 250000.
Please Help me

Reply
Follow
Share

7 Replies

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 18 November 2019

What is ITC on 31.10.2019?

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 18 November 2019

Good Question Mrs Elavarasi...
@ Kamlesh.,

What is Your ITC in end of the month/& GSTR 2A

Pankaj Handa (26 Points)
Replied 18 November 2019

ITC CLAIM WILL BE 250000+20000 TOTAL 270000

Kamlesh Tolani (accountant) (562 Points)
Replied 18 November 2019

31st October as per books 350000
11th October as per gstr2A 98000
18th October as per gstr2A. 250000
and gstr3b not file till 18th October
so Howmany ITC taken in 3b 250000 or 98000

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 18 November 2019

I think 18th October means 18th November... Right...?

Your available ITC in GSTR 2A 2.50 lakhs. But, in Your books 3.5 lakhs...

As per new rule You can claim ITC 3.0 lakhs
= 2,50000 * 20%
= 50000 + 250000
= 300,000/-

As 11th October 98k. But, Over all rule applicable as per GSTR 2A before or on or after 11th October...
So, No comments from my side on or before 11th October...

Upgrade to CAclubindia Pro. Subscribe Now!

Kamlesh Tolani (accountant) (562 Points)
Replied 18 November 2019

Yes sir sorry 18 November right

Satya N Dharani (Finance Professional) (491 Points)
Replied 18 November 2019

Before filing of GSTR3B means, manually we have to take cutoff for calculation of 20% cap ITC with GSTR2A. here in your case 18th Nov 2019 means 2.5 lacks * 20% provisional credit.

This is cumbersome exercise.