TMI BlogInput Tax Credit Sec 16 (2)-possession of goods ruleX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Members, My query is , suppose I have purchase goods on 30.06.22 and goods received on 12.07.22. So in this case can in take gst credit of said invoice in Jun GSTR-3B because goods received before filing of return of june GSTR-3B (20th July) Thanks - Reply By KASTURI SETHI - The Reply = Answer is NO. You will have to fulfill all the conditions laid down under Section 16(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CGST Act . Section 16(2)(b) is very much clear in this context. - Reply By Mahadev R - The Reply = Since the return is for the period of June month, it needs to be seen if goods are received in June to claim ITC. - Reply By Shilpi Jain - The Reply = As per the new disclosure requirements in GSTR-3B you will have to show the credit in table 4A and reverse it in table 4B of June. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n July this credit can be availed - Reply By KASTURI SETHI - The Reply = I agree with Madam Shilpi Jain. Since the goods were received in July, 22, ITC can be taken in July, 22 and not in June, 22. - Reply By giri gattupalli - The Reply = respected sir, good evenig. my query is in the scenario ' where goods received in july-22 before filing of GSTR-3B for month june-22, whether he ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n claim input in june-22 GSTR-3B or not .please discuss thanking you - Reply By GB Rao - The Reply = Dear querist, As rightly explained by Shri Kasthuri ji, one of the conditions for availing the credit is that the goods should have been received by the taxpayer and hence the taxpayer can take credit only in the month of July, 2022 . The GSTR 3B return for July, 2022 will be filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20th August, 2022. The querist's argument that the GSTR 3B return for June, 2022 would be filed by 20.07.2022 and as the goods received on 12.07.2022 i.e, before filing GSTR 3B return for June, 2022, does not hold water. - Reply By Ganeshan Kalyani - The Reply = Goods should be received in the month for which GSTR-3B is filed. In you case the goods should have been received in the mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th of Jun. So you cannot claim ITC in the month of Jun. However, the same need to be shown in Table 4(A)(5) and reverse it through Table 4(B)(2). In the month of July you can claim ITC by showing it under Table 4(A)(5) and same ITC to be shown as disclosure in Table 4(D)(1). The new GSTR-3B is not yet made available in GSTN and till that time you can continue current process i.e. claim ITC in Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly GSTR-3B under Table 4(A)(5). - Input Tax Credit Sec 16 (2)-possession of goods rule - Query Started By: - Rakesh Sharma Dated:- 19-7-2022 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
