Ramachandran R (117 Points)
14 September 2020Hi,
1. I've certain ITC to be claimed for FY 19-20. Whether it should be claimed by Sept 30 or Wen filing Sept 2020 GSTR 3B filing?
2. I've ITC on capital goods and some have to be reversed. I know it should be taken over 60 months and the calculation. My doubt is that whether reversal amount should be calculated based on purchase month and same amount reversed & claimed over every month or common credit and reversal amount should be calculated every month.
Thanks
CA Haritha Komma
(Chartered Accountant)
(1147 Points)
Replied 14 September 2020
A1: In your books, the entry of availing credit to be before 30th Sep 2020. And the total of ITC that is claimed in entire Sep 2020 will be filed on or before 20th Oct 2020.
A2: A bit more clarity required on facts i.e., reason for reversal - U have both exempted & taxable supplies or ineligible ITC availed or asset written off/disposed of before 5 years etc.
Ramachandran R
(117 Points)
Replied 14 September 2020
Hi,
I have both exempted & taxable supplies.
So reversal should be calculated based on turnover in the month of purchase or every month it should be calculated based on turnover.
CA Haritha Komma
(Chartered Accountant)
(1147 Points)
Replied 16 September 2020
Entire credit to be availed in the month of purchase. The credit to be apportioned for 60 months (Tm). Every month, proportionate credit to the extent of exempted turnover, to be reversed along with interest..
Rule 43(1)(e) of CGST Rules
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