Goods and Services Tax – Started By: – Archna Gupta – Dated:- 29-11-2018 Last Replied Date:- 1-12-2018 – Dear ExpertsPlease give clarity on below mentioned query:Can we utilize ITC for payment of GST liability of FY 2017-18 in the month of November 2018 if balance in credit ledger which was availed in FY 2017-18 has already been exhausted and the balance in credit ledger in current month is related to current financial year.In other words period wise matching of ITC availed and utilised is necessary or not?Please revert. – Reply By KASTURI SETHI – The Reply = There is no problem or such restriction. Restriction of one year or before filing return for September was for availment and not for utilisation. Basic criteria of utilising ITC in th
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Reply = Section 16(4) of CGST Act provides that a registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier. Therefore the provision is applicable to taking of input tax credit and not for utilization. But the Revenue may take different view. – Reply By KASTURI SETHI – The Reply = Nicely explained by Dr.Govindarajan Sir. I would like to add that there is no revenue loss to Govt. in this situation.
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