RULE FOR AVAILING ITC AND USING FOR REFUND

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..... RULE FOR AVAILING ITC AND USING FOR REFUND
Query (Issue) Started By: - SAFETAB LIFESCIENCE Dated:- 29-1-2020 Last Reply Date:- 30-1-2020 Goods and Services Tax - GST
Got 2 Replies
GST
Hi friends, I have received goods in August, 2019 and the said invoice's GST is reflected in our 2-A in August, 2019. But I have taken the ITC for this bill in SEP-2019 because I will take credit o .....

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..... nly after the goods approved in our QC lab. My credit can not be denied till filing next Annual return. I am applying for refund of un-availed ITC in inverted duty structure category for the month of Sep-2019 and I have worked our the eligibility and applied properly in portal. While computation of refund claimed as per statement 1, whether i can add the above mentioned in para 1 invoice in the n .....

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..... et input tax credit (column 4 of the refund working format) or not. Is there any rule that the ITC to be taken mandatorily only in the month of goods receipt and reflected in 2A (or) I can take credit in the next month and include this bill also for working refund claim in the next month. We were instructed that the ITC to be taken only in the month of goods receipt and reflected in 2-A and als .....

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..... o if we take in the next month, then this should not be considered for refund. Reply By CA Venkata prasad Pasupuleti: The Reply: It should be considered in the month of availment in your GST return. The legal requirement is that you should avail credit after receipt of goods. The availment may be in same month of receipt or subsequent months also. as you have availed ITC after receipt of goo .....

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..... ds, there would not be any problem in ITC availment & claiming refund. Reply By Rajagopalan Ranganathan: The Reply: Sir, In my opinion if the refund claim pertains to august 2019, then the credit taken during august 2019 alone can be taken into account for claiming the refund. You cannot take the credit taken in September 2019 for the purpose of refund. If you file refund claim for a particular .....

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..... quarter then you can take into account the credit earned during the quarter for the purpose of claiming the refund.
Discussion Forum - Knowledge Sharing .....

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