वित्तीय वर्ष 2017-18 का input tax credit लेने की आखिरी तारीख वाकई में 30th September है या ये भ्रांति है 🤔

आजकल ये चर्चा जोरों पर है कि वित्तीय वर्ष 2017-18 का input tax credit लेने की आखिरी तारीख 30th September है।
क्या ऐसा वाकई में है या भ्रांति फैलाई जा रही है।
As per the provisions of Sub-section 4 of Section 16 of the CGST Act 2017, input tax credit can be claimed on the tax invoices or debit notes issued by the supplier in the previous financial year for supply of goods or services or both has to be claimed by 20th October 2018 i.e. before filing of the monthly return for the month of September 2018 basis of provisions of Section 39 of the CGST Act or filing of annual return as per provisions of Section 44 whichever is earlier. As GST is rolled out from 1st July 2017, the input tax credit on all in the inward supply of goods or services or both has to be claimed by 20th October as the due date for filing of September 2018 GSTR – 3B is that date based on the provisions notified wide Notification No. 34/2018 – Central Tax dated 10th August 2018.
Basis of the above provisions it is clear that input tax credit can be claimed only for all the transaction from 1 st July 2018 to 31st March 2019 by 30th September 2019 .
The following are the points to be considered before filing the GSTR – 3B for the month of September 2018
1. Verify all the tax invoices/debit notes issued as per the provisions of Section 12, 13, 14, 31 &34 bythe supplier of goods or services or both are received and accounted.
2. Verify and ensure that tax invoice is received for the goods or services or both for which input tax credit is being claimed – clause “a” of sub-section 2 of section 16 of the CGST Act 2017.
3. Verify and ensure that all the goods or services or both have been received before claiming the credit – clause b of sub-section 2 of section 16 of the CGST Act 2017. Certain cases like Annual Maintenance Contracts, the invoice is issued before the completion of service and it is spread over a period of time, in such cases properly informed decisions have to be taken else the input tax credit claimed has to be reversed along with the interest if found during scrutiny or auditor as part of some investigation by the departments.
4. Verify and ensure that in case if goods are being received in lots, the final lot is received, – the first proviso of sub-section 2 of section 16 of the CGST Act 2017
5. Verify and ensure that all the information related to tax invoice or debit note is there on the documents issued by the supplier of the goods as per provisions of Rule 46 of the CGST Rules 2017 like GSTIN Numbers, date of invoice, Invoice Number, Place of Supply, HSN Code, Tax Rate and Tax Amounts are there on the tax invoice.
जी हाँ, ये भ्रांति नहीं है, ये सही बात है।
इसलिए सावधानी बरतें और अपने क्लाइंट्स के लाखों रुपये बचायें।
आपका अपना,
सी ए ललित अग्रवाल,
9999565491

Comments

Post a Comment

Popular posts from this blog

Big relief for Vodophone and Cairns in income tax

Big relief for Vodophone and Cairns The Taxation Laws (Amendment ) Bill, 2021 introduced by FM today in the Lok Sabha  is about withdrawing retrospective amendment made in 2012 of taxing capital gains arising from indirect transfer of assets located in India. This will settle issue of arbitration as under Indian Income Tax  Act itself no tax will be leviable on such capital gains up to 28th May,2012 when this amendment came into force . Full amount of tax will have to be refunded but without interest as a specific provision inserted of no interest on such refund under section 244A. Demand created before 28th May,2012 will be nullified in 17 cases including 2 cases where there is stay . Undertaking to be furnished by these entities that no claim , damages, interest etc shall be filed.
Read more

GST Return का पंचनामा: Contents of GST return utility GSTRN-1 in detail

आओ GST सीखें: 1. The Offline tool comes bundled with MS Excel Template and a java tool. This Excel workbook template has 11 data entry worksheets, 1 master sheet and 1 Help Instruction sheet i.e. total 13 worksheets. The 11 data entry worksheets are named: b2b, b2cl, b2cs, cdnr, cdnur exp, at, atadj, exemp, hsn and doc in which day-to-day business transaction required to be reported in GSTR 1 can be recorded or entered by the taxpayers. At desired interval, the data entered in the MS-Excel worksheet can be uploaded on the GST Portal using the java offline tool which will import the data from excel workbook and convert the same into a Json file which is understood by GST portal. (www.gst.gov.in) 2. It has been designed to enable taxpayers to prepare GSTR 1 in offline mode (without Internet). It can also be used to carry out bulk upload of invoice/other details to GST portal. 3. The appearance and functionalities of the Offline tool screens are similar to that of the return
Read more

CBDT extends Due Date for filing various Income Tax Forms

The  Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D and the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C. (i) The Quarterly statement in Form No. 15CC to be furnished by an authorized dealer in respect of remittances made for the quarter ending on 30th June 2021 required to be furnished on or before 15th July 2021 under Rule 37BB of the Rules. as extended to 31° July 2021 vide Circular No 12 of 2021 dated 25.06.2021, may be filed on or before 31st August 2021. (ii) The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30. June 2021. as extended to 31s1July, 2021 vide Circular No 12 of 2021 dated 25 06.2021. maybe filed on or
Read more