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GST expensed out and Eligibility of ITC, Goods and Services Tax - GST

Issue Id: - 117744
Dated: 31-12-2021
By:- Kaustubh Karandikar

GST expensed out and Eligibility of ITC


  • Contents

ITC not claimed in the F.Y. 19 – 20 and the entire amount was expensed out. Subsequently, in September’20, out of this, what was eligible, ITC was claimed on it and the entry passed in F.Y.19 – 20 for expensing out was reversed. Is it in line with the GST Provisions and therefore ITC allowed? In my view, ITC is allowed since entry is reversed subsequently. Views of the experts please.

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Showing Replies 1 to 2 of 2 Records

Page: 1


1 Dated: 31-12-2021
By:- SOWMYA CA

I agree with your view on availing ITC. ITC on inputs is to be availed by September 30th immediately following the financial year and can be claimed. One has to ensure conditions listed in section 16 are fulfilled as applicable.


2 Dated: 26-1-2022
By:- CAHemanth Kumar

Dear Sir,

Agreed with the views.

Credit can be claimed in Sep month returns fo subseqent year. Ensure that the same was filed within the due date otherwise the department may disallow the credit


Page: 1

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