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Regarding Itc

Rajiv (Senior Accounts Officer) (1548 Points)

17 December 2018

Sir
We made purchase from flipkart . And bill in the name of my Self and also Name of my Company along with Gst in . Can my company take itc on that amount .Gst in show if my company ????
Urgent please help

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10 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 17 December 2018

Yes... You can claim ITC if Gstin and Company name also in that Invoice...

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CA. Mayur M. Mamtora (Chartered Accountant) (162 Points)
Replied 17 December 2018

Agree with Raja P M.

pritesh (CA Final student) (7101 Points)
Replied 17 December 2018

agree with raja sir.

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 17 December 2018

Credit not available based on invoice ONLY.

Pl, see sec 16 - 4 conditions if met yes. Main is - Is it used for furtherance fo business? If met eligible to co.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 17 December 2018

Yes , if you have the Tax Invoice & Gstn is mentioned therein & Reced the Goods .

But remaing 2 condition (c) the GST has been deposited by supplier : which cannot known as of today because GSTR3 is not applicable . on the basis of GSTR 3b the recepient cannot know that whether the supplier has deposited the tax on invoice raised to him .
(Morever section 41 : Tax payer can Take ITC on self assessment in his return & same will be Provisionally credit to ECL )

(d) the supplier has furnished the return

Hence If its for business or furtherance business , have reced the Tax Invoice & Goods You can avail ITC

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Rajiv (Senior Accounts Officer) (1548 Points)
Replied 18 December 2018

but sir if that amount will not show in 2A. Than will we deposited it in annual return ????

Faheem Akram (802 Points)
Replied 18 December 2018

Can I take ITC if we construct a factory & plant a machinery?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 18 December 2018

@ Rajiv.,

Then why this question...?
But, In current situation many more taxpayers and sellers not file / shown their sales details in GST returns...
If You have valid tax invoices then You can claim ITC based on invoice.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 18 December 2018

@ Mr Faheem Akram., ITC not available for building construction related. But, Machinery related can be taken** as per furthermore of business and it's details...

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