GST ITC

Hi

Yes, it is applicable from the GST returns for the month of October. Make proper reconciliations and then claim ITC.

They have made amendment to the said rule with immediate effect and said notification was announced on 9th October and hence it will be applicable for October month.

But people dont know how will government check it and how will there be any punitive action, but it is recommended to client to follow the rule as it is applicable.

You can read here to know more.

https://www.taxontips.com/2019/10/12/only-20-credit-allowed-of-bills-which-are-not-matched-with-gstr-2a-now-its-time-to-check-your-gstr-2a-quarterly/

https://www.taxontips.com/2019/11/11/further-clarification-by-cbic-for-claiming-20-itc-on-invoices-not-available-in-gstr-2a/

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hello,

Yes, the same is applicable from the return for the month of October.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Hi,

Your understanding is correct.

It is applicable from the GST returns for the month of October

- From Oct.2019, you can claim ITC in 3B restricted to 120% of ITC available in 2A i.e. only 20% extra of ITC available in 2A. It is not 20% of ITC not available in 2A.

Hello Sir,

Here is my reply to your query :

Yes, it is mandatory to comply with the notification mentioned by you from October itself. 

Thanks and Regards 

Divya Chugh

It is mandatory applicable from 10th of October. Thus for all the transaction post that date you need to ensure purchases gets reflected in your GSTR 2A.

You can even outsource reconciliation process & get it done with out inhouse hassel.

Ours is one such firm which excels in different GST compliance process.