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ITC Credit time limit in MGL

Goods and Services Tax - Started By: - Vishnu Dutt Gupta - Dated:- 16-2-2017 Last Replied Date:- 17-2-2017 - 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 = Things wo .....

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;, (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 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 .....

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