Eligibility of ITC

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..... In case of Services provided by Govt., the licence fee is paid to State Govt. in February 19 but GST under reverse charge paid July 19 with interest. Will this be treated in financial year 18 19 and ITC cannot be claimed on it or since the GST was paid in July 19, it will be treated as transaction in 19 20 and ITC can be claimed on it in this month? - Reply By Atul Rathod - The Reply = Logic .....

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..... ally it should be the transaction of 18-19 but strictly going into the provision-it would be treated as transaction of 19-20 based on self invoice and there is no time limit of rasing self voucher. Credit can be allowed. - Reply By KASTURI SETHI - The Reply = Time of supply of services is the date of payment as per Section 13(3) (a) of CGST Act . Hence ITC is not time barred. Transaction is t .....

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..... o be accounted for in 19-20. - Reply By Kashish Gupta - The Reply = Kindly refer to the section 31(3)(f) , reproduced below: (f) a registered person who is liable to pay tax under sub-section (3) or sub-section (4) of section 9 shall issue an invoice in respect of goods or services or both received by him from the supplier who is not registered on the date of receipt of goods or servic .....

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..... es or both ; Therefore, legitimate liability to issue self-invoice is on the date of receipt of services. Hence, a registered person cannot take the shelter of delay made in issuance of self invoice for the claiming eligibility of input tax credit considering the transaction to be of a financial year in which self-invoice has been issued instead of FY to which it pertains. Further, the cap .....

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..... ping of section 16(4) specifically mentions financial year to which invoice.....pertains . This essentially clarifies the intention of law makers. Hence, it should be considered as transaction pertaining to FY 2018-19. - Eligibility of ITC - Query Started By: - Kaustubh Karandikar Dated:- 4-3-2020 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, .....

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..... reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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