Utilisation of ITC availed
Query (Issue) Started By: – Archna Gupta Dated:- 29-11-2018 Last Reply Date:- 1-12-2018 Goods and Services Tax – GST
Got 9 Replies
GST
Dear Experts
\nPlease give clarity on below mentioned query:
\nCan 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.
\nIn other words period wise matching of ITC availed and utilised is necessary or not?
\nPlease revert.
\nReply By KASTURI SETHI:
\nThe Reply:
\nThere is no problem or such restriction. Restriction of one year or before filing return for September was <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n AT but pertaining to pre-GST era. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Utilisation of ITC availed Query (Issue) Started By: – Archna Gupta Dated:- 29-11-2018 Last Reply Date:- 1-12-2018 Goods and Services Tax – GSTGot 9 RepliesGSTDear Experts Please 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 … Continue reading “Utilisation of ITC availed”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15259","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15259"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15259\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nReply By DR.MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nSection 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.
\nTherefore the provision is applicable to taking of input tax credit and not for utilization. But the Revenue may take different view.
\nReply By KASTURI SETHI:
\nThe Reply:
\nNicely explained by Dr.Govindarajan Sir. I <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n