Eligibility of ITC

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..... Eligibility of ITC
Query (Issue) Started By: - Kaustubh Karandikar Dated:- 23-11-2023 Last Reply Date:- 28-11-2023 Goods and Services Tax - GST
Got 4 Replies
GST
On the GST Portal in Return GSTR-2B of October'23 reflected the party Debit Note and bill dated 31-03-2023. We received soft copy of the debit note Rs. 35,000/- Plus GGST 3,150/- & SGST 3,150/- for accounts entry on dated .....

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..... 23-11-2023. Can we avail Input Tax Credit of the same in the GSTR-3B return for the month of November 2023? Reply By Madhusudan Mishra: The Reply: If it is reflected in 2B of Oct TP then claim it in the 3B of Oct itself. Reply By Amit Agrawal: The Reply: As per Section 16(2)(a), tax-payer should be in possession of a tax invoice or debit note issued by a supplier registered under this Act, o .....

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..... r such other tax paying documents as may be prescribed, before taking ITC. As tax-payer got possession of debit-note in Nov, 23 and entered the same in books of accounts of Nov, 23, he should take ITC against such debit-note in November, 23 only. If tax-payer is following Circular No. 170/02/2022-GST, then, such ITC will be shown while filing Table 4(A)(5) of Form GSTR-3B of October, 23, while s .....

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..... imultaneously reversing the same under 4(B)(2) (i.e. others) and then, reclaim such ITC while filing GSTR-3B for the month of November, 23. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Amit Agrawal: The Reply: Kindly note that time restrictions u/s 16(4) against a debit note starts with date of such debit note and NOT with r .....

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..... eference to date of original invoice. And my earlier post presumes that original invoice was dated 31.03.2023 while debit-note is dated Oct, 23 which is received by the tax-payer on 23.11.2023. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Padmanathan Kollengode: The Reply: Dear querist, What is the date of debit note?
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..... Discussion Forum - Knowledge Sharing .....

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