“(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed be entitled to take the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited on a provisional basis to his Electronic Credit Ledger. gst was simple in original forms. CBIC has rolled out a new Notification (Notification 94/2020 under GST) in December 2020 informing taxpayers about the changes that will be implemented under GST ⦠2. Credit relating to import will be allowed in GSTR 9C, as all the conditions as required u/s 16(4) r/w rule 36 has been satisfied. In terms of section 2(66) of CGST Act, ‘tax invoice’ means invoice referred in section 31 of CGST Act. On payment to the supplier can claim such credit again. Just because the supplier has not been paid the taxes, recipient cannot be denied to take the credit of the taxes paid. Section 16(1) of the Central Goods and Services Tax, 2017 (CGST Act, 2017) provides provision regarding availment of credit to a registered person subject to conditions and restrictions as may be prescribed. With new Itc system I am getting confused. ITC mechanism under GST. Hello. The due dates for filing of Form GSTR-3B returns for tax period of September, 2020, are as given below: Remarks: In the back ground of above, it is submitted that maximum time limit for availing ITC in respect of invoice pertaining to Financial Year 2019-20 and/or Debit Note of invoices pertaining to Financial Year 2019-20 is earlier of, 1. Due date of furnishing of return under section 39 of CGST Act, 2017 for the month of September following the end of that financial year or Pl suggest as amount of IGST is big Rs 5 lakhs . Or we need to reverse the ITC already Claimed and pay the taxes? So, restriction of time limit should not be applicable in case of Bill of Entry. 2. So, it will be disclosed in Table 6 in Form GSTR 9. is relevant for VAT laws, without nexus, how you say it can be applied to GST ITC also. There is a time limit for claiming ITC which is earlier of Return filing due date of September (Refer: Important Checklist to consider before filing September GST Returns) of next financial year OR Actual annual return filing for current financial year. In case the invoice has been issued within 30 days from the date of provision of service then the time of supply is earlier of date of invoice or date of receipt of payment. Due date for filing of GSTR-3B returns for tax period of September, 2020, i.e. 28th February, 2021. As per the aforesaid provision, the time limit for taking input tax credit for the financial year 2018-19 is up to the filing of return (GSTR-3B) for the month of September 2019. Special thanks to CA Mahadev R for inputs. In such cases, the recipient shall reverse such credit claimed which is not available to him. d) Claim ITC by filing GSTR-3B:-To claim the input tax credit shall be claimed by filing with the govt by the 20th of the next month in GSTR 3B. Join our newsletter to stay updated on Taxation and Corporate Law. CBIC Notification No. If i have done that what i have to pay penality as per GST Rules or not. In case the invoice is not issued within 30 days from the date of provision of service, then the time of supply will be earlier of date of provision of service or date of receipt of payment. Thanks in advance. Recently decision has been held in case of Arise India Limited and others Vs. Commissioner of Trade & Taxes, Delhi and others [TS-314-HC-2017(Del)-VAT] – wherein H’ble Supreme Court held that, the ITC shall be allowed to recipient, even though supplier has not paid tax collected from the assessee to the government, which is one of the condition to claim the credit of taxes paid on inward supply of goods or/and services under earlier regime also. I have not taken input tax credit (IGST) relating April 2019 (uploaded in 2A) now i can take credit in the month of Sept 2020. Moreover, it is also important to note that the return in FORM GSTR 3 continued to be deferred due to technical glitches right from its introduction and is still suspended. Previously I put the comment on composition scheme, in that case i have not submitted the annual returns for FY 2019-2020 and 2020- 2021. earlier FY years ITC claim time limit is upto Septermber 2020. I am sorry to disagree with you; the ROD order stated that ; provided that , the registered person shall be entitled to take input tax credit, after the due date of furnishing of the return under Section 39 for the month of September 2018, till the due date of furnishing of the return under the said section , for the month of March 2019 ,in respect of any invoice or invoice relating to such debit note for supply of goods or services or both ,made during the financial year 2017-18, the details of which have been uploaded by the supplier, under sub-section 1 of Section of Section 37, till the due date for furnishing details under sub-section (1) of said section for the month of March -2019.. from there onwards i have to file regular returns for this can i claim input tax credit for the FY 2019-2020 and 2020-2021 please suggest me. and now too just for its collection it is being more complicated by differed itc claims. Due date for filing of GSTR-3B returns for tax period of September, 2020, i.e. You can take the current FY ITC before filing the next FY GSTR 3B for the month of September. Copyright © TaxGuru. One of the condition to avail the credit u/s 16(2) is to have valid document issued by supplier. The dept has rejected the ITC . As per section 172 of CGST Act, Removal of difficulties, if any difficulty is arising government shall issue the order to make provisions not inconsistent with the provision for the purpose of removing the said difficulty. 20th October, 2020; or 2. Section 6 deals with the relaxation of time limit under the Central Excise Act, 1944, Customs Act,1962, Customs Tariff Act, 1975, and Finance Act, 1994. âThe 31st day of December, 2020 shall be the end date to which the time limit for completion or compliance of such action shall stand extended,â the board notified. just for government to get its due first it was complicated by 3b. 4) Calculate utilizing the standard method. In terms of section 31(3)(f) of CGST Act, registered person receiving goods or services from an unregistered person is liable to pay tax under reverse charge u/s 9(3) or u/s 9(4) and issue an invoice instead of supplier. As per section 16(4) of the CGST Act, time limit to claim the ITC is to earlier of Due date of Sep 20 GSTR 3B of subsequent year of furnishing of annual return. There is no need to disclose the refund amount in monthly returns. GSTR 3B has been introduced through CGST Rules, not through the sections. Kindly provide if you have any alternative view. 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