ITC Credit time limit in MGL
Query (Issue) Started By: – Vishnu Dutt Gupta Dated:- 16-2-2017 Last Reply Date:- 27-7-2017 Goods and Services Tax – GST
Got 5 Replies
GST
Dear Sir\/Mam,
\nAs 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.
\nAnnual return to be filed in December then why this section says whichever is earlier. My understanding not clear on the said rule.
\nMK
\nTMTL
\nReply By YAGAY AND SUN:
\nThe Reply:
\nThings would be clear when the final GST law will come. Till then adopt the wait and watch policy.
\nReply By KASTURI SETHI:
\nThe Reply:
\nSh.Gupta Ji,
\nIt is Section 16(4) and not (15) as<\/p>\n
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\nThe purpose is not to allow credit on the above docs after finalisation of return for September or annual return.
\nReply By Vishnu Dutt Gupta:
\nThe Reply:
\nThanks 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)
\nRgds,
\nMK
\nTMTL
\nReply By KASTURI SETHI:
\nThe Reply:
\nYes.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"<\/p>\n
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