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TMI Blogrule 36(4)X X X X Extracts X X X X X X X X Extracts X X X X ..... If any one taken excess ITC allowed under rule 36(4),but the same invoice uploaded after due date then need reply of the following querries: 1.If he has to reverse ? 2.If yes then how to claim ITC again ? 3.If he has not reversed ,whether the same available at time of scrutiny ? - Reply By Rajagopalan Ranganathan - The Reply = Sir, Rule 34 (4) of CGST Rules, 2017 stipulates that In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put tax credit to be availed by a registered person in resis in possession of valid invoice issued by the supplierpect of invoices or debit notes, the details of which have not been 5[furnished] by the suppliers under sub-section (1) of section 37 [in FORM GSTR-1 or using the invoice furnishing facility], shall not exceed 5 per cent. of the eligible credit available in respect of invoices or d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebit notes the details of which have been furnished by the suppliers under sub-section (1) of section 37 6[in FORM GSTR-1 or using the invoice furnishing facility].. Therefore if any excess credit exceeding 5% limit is taken the same should be reversed with interest. However you can take credit whenever the supplier upload the invoice in subsequent months. However this provision is under ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allenge on the ground that when recipient is in possession of valid invoice issued by the supplier under rule 46 of CGST Rules, 2017 the Department cannot deny the credit. The picture will be clear only when the courts pronounce their verdict on this matter - Reply By sumanta nayak - The Reply = Please reply on point no 3 - Reply By Shilpi Jain - The Reply = The answer to your query will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depend on the period to which the invoice pertains. Pls have a look at this article https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=9746 - Reply By Rajagopalan Ranganathan - The Reply = Sir, If the department finds out the mistake at the time of scrutiny, the department will recover the excess credit availed along with interest and will impose penalty also under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 122 or 123 as the case may be. - Reply By Shilpi Jain - The Reply = If it is for the period prior to Oct '19 for sure nothing can be asked by the department and even if they ask it is surely contestable. For the period after this until the Finance Act 2021 comes into effect amending section 16(2) it is still contestable. - Reply By niranjan gupta - The Reply = Clause (aa) to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub section (2) of Section 16 was inserted by the Finance Act, 2021 . Before that section 36(4) has no validity. The GOI recognized this facts and made amendment in section 16 . Following is the insertion: 5[(aa) the details of the invoice or debit note referred to in clause (a) has been furnished by the supplier in the statement of outward supplies and such details have been communica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to the recipient of such invoice or debit note in the manner specified under section 37 ;] - rule 36(4) - Query Started By: - sumanta nayak Dated:- 4-6-2021 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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