TMI BlogITC Credit time limit in MGLX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir/Mam, As per Section 16 (15) of the MGL, ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier. Annual return to be filed in December then why this section says whichever is earlier. My understanding not clear on the said rule. MK TMTL - Reply By YAGAY AND SUN - The Reply = T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hings would be clear when the final GST law will come. Till then adopt the wait and watch policy. - Reply By KASTURI SETHI - The Reply = Sh.Gupta Ji, It is Section 16(4) and not (15) as per revised MGL. I understand as under:- ITC is not permitted on the strength of any invoice or debit note after furnishing of the return for September or Annual return which ever is earlier Here & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;any invoice' includes supplementary invoice or any other document which conform to the definition of 'Invoice', (by whatever name called) or debit note.Credit is not allowed on the strength of those invoices or debit notes which relate to the original invoices issued previous financial year. Balance Sheet is to be prepared by 30th September every year and annual return is prepared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of Balance Sheet. Both are to be filed by stipulated dates. Normally monthly return is filed first and annual return is filed thereafter. The purpose is not to allow credit on the above docs after finalisation of return for September or annual return. - Reply By Vishnu Dutt Gupta - The Reply = Thanks for your valuable reply sir, But I think it can be sufficient that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITC cannot be taken beyond of September of the following FY'. Sept always comes before December( due date of Annual return) Rgds, MK TMTL - Reply By KASTURI SETHI - The Reply = Yes.Gupta Ji. Now as per Rule 12 (2a) CE Rules, 2002 due date for annual return is 30th Nov. of succeeding year. I have seen that some assessees prepare Balance Sheet by 30the Sept. every year and thus they wou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld file annual return much prior to the due date. In that situation the term , which ever is earlier is relevant. - Reply By subramanian vijayakumar - The Reply = Sir sethi let me clarrified further. In this a dealer. Can claim itc before filing of September return or the annual teturn in december the dealers have to file 9 and 9 b in december normally the dealers. Would take advantage of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laterdate what will. Be the caae for availing itc expers let me be answered - ITC Credit time limit in MGL - Query Started By: - Vishnu Dutt Gupta Dated:- 16-2-2017 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
