Goods and Services Tax – Started By: – Vishnu Dutt Gupta – Dated:- 16-2-2017 Last Replied Date:- 27-7-2017 – Dear Sir/Mam, As per Section 16 (15) of the MGL, ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier. Annual return to be filed in December then why this section says whichever is earlier. My understanding not clear on the said rule. MK TMTL – Reply By YAGAY AND SUN – The Reply = Things would be clear when the final GST law will come. Till then adopt the wait and watch policy. – Reply By KASTURI SETHI – The Reply = Sh.Gupta Ji, It is Section 16(4) and not (15) as per revised MGL. I understand as under:- ITC is not permitted on the st
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f return for September or annual return. – Reply By Vishnu Dutt Gupta – The Reply = Thanks for your valuable reply sir, But I think it can be sufficient that ITC cannot be taken beyond of September of the following FY'. Sept always comes before December( due date of Annual return)Rgds,MKTMTL – Reply By KASTURI SETHI – The Reply = Yes.Gupta Ji. Now as per Rule 12 (2a) CE Rules, 2002 due date for annual return is 30th Nov. of succeeding year. I have seen that some assessees prepare Balance Sheet by 30the Sept. every year and thus they would file annual return much prior to the due date. In that situation the term , which ever is earlier is relevant. – Reply By subramanian vijayakumar – The Reply = Sir sethi let me clarrified further. In t
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