TMI BlogAvailability of Input Tax Credit (ITC) for FY 2020-21X X X X Extracts X X X X X X X X Extracts X X X X ..... Availability of Input Tax Credit (ITC) for FY 2020-21 - Goods and Services Tax - GST Dated:- 19-10-2021 - News - As per Section 16(4) of CGST Act, 2017 , no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate for the GSTR-3B for September 2021 is either 20th October 2021 for monthly filers and 22nd or 24th October 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted: i.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C Available in GSTR-2B of the recipients. Such records will reflect in ITC Not Available section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B . ii.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as ITC as per GSTR-2A in Table-8A of GSTR-9 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e recipients. 2. It is requested that the taxpayers may take note of the above and ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021, or for the quarter of July to September 2021 in case of quarterly GSTR-3B filers. Availment of ITC by the recipients contrary to the legal provisions in GST m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay entail action by the tax administrations in accordance with law. Thanking You, Team GSTN - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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