Is Last Date To Claim ITC For F.Y 2020-21 Over – As Per Advisory Issued By Govt On 17.10.2021?

♦ As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. I.E 20TH OCTOBER 2021 OR 22ND OR 24TH OCTOBER as case may be—

♦ As per advisory issued by government-Invoice or debit notes pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.

♦ Further , invoice or debit notes pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.

Is Last Date to Claim ITC For F.Y 2020-21 Over?

♦ Now, if our supplier filed its GSTR-1 return OR make amendments in GSTR-1 after due date pertaining to F.Y 2020-21- then what is default of recipient ?? Is he really   not liable to claim ITC???

♦ ITC is vested right of recipient just because supplier filed return after due date and not autopoulated in GSTR-2B and his right to claim to ITC OVER???

♦ Though budget 2021 new clause inserted i.e Section 16 (aa)- provide that input tax credit on invoice or debit note may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note but such clause not yet  notified so how can such confusing advisory issued by govt.

Further, As per Section 16(2) CGST ACT 2017-

Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,––

(a) he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;

(b) he has received the goods or services or both.

(c) subject to the provisions of section 41, the tax charged in respect of such supply has been actually paid to the Government, either in cash or through the utilization of input tax credit admissible in respect of the said supply: and

(d) he has furnished the return under section 39.

In other words- Section 16(2) starts with notwithstanding clause so if all conditions are satisfied to claim ITC THEN it doesn’t matter auto-populated in GSTR-2B OR not…

Queries /doubts can be mailed at [email protected]…..

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