ITC Eligibility and Classification in GSTR 3B

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..... ITC Eligibility and Classification in GSTR 3B
Query (Issue) Started By: - Pradeep Singhi Dated:- 9-7-2019 Last Reply Date:- 16-7-2019 Goods and Services Tax - GST
Got 4 Replies
GST
In case of Bulider, Credit is reflected in GSTR 2A after occupancy certificate. 1) Whether ITC is eligible for the invoices received after occupancy certificate? 2) If we don't want to take the ITC th .....

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..... an how credit reflected in GSTR 2A to be shown in GSTR 3B? Reply By Shilpi Jain: The Reply: It has to be seen whether the procurement has happened after OC or the entry in 2A has appeared after the OC date. The date of entry in 2A is not relevant if the procurement has happened and the invoice is dated prior to OC. In such case, the ITC will have to be proportioned and availed to the extent of .....

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..... the carpet area of the units sold on which GST is liable. If the procurement is made after OC, assuming OC is received after 01.04.2019, it would advisable to reverse the credit proportionately as discussed above. Reply By Mr Patel: The Reply: No input credit is allowed if project is started after 01/04/2019 If you have excised old scheme option then you can utilize the input credit according .....

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..... above explanation. Reply By Pradeep Singhi: The Reply: In GSTR-3B, if we don't want to take the ITC than how it is to be reflected in ITC section. Whether, 1. It is to be shown in All other ITC (Table 4(A)(5)) & then to be reversed in ITC reversed-Others (Table 4(B)(2)) ? OR 2. It is to be shown as ineligible ITC as per section 17(5) (Table 4(D)(1)) ? OR 3. It is to be shown in All othe .....

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..... r ITC (Table 4(A)(5)) & then to be reversed in other ITC reversed (Table 4(B)(2)) & also to be shown as ineligible ITC as per section 17(5) (Table 4(D)(1)) ? Reply By Ganeshan Kalyani: The Reply: Point no.1 to be followed.
Discussion Forum - Knowledge Sharing .....

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