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Issue ID : 112818
- 0 -

Input Tax Credit Under Reverse Charge

Date 15 Sep 2017
Replies6 Answers
Views 1587 Views

Dear Experts,

My Client has paid GST under Reverse Charge in the month of July. whether i will get credit in the month of July itself or in Subsequent Period i.e in August????

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- 0
Replied on Sep 15, 2017
1.

Credit is available in the same month. In fact, while filing return, your client will be directed to claim ITC by the system itself. Nothing to worry.

- 0
Replied on Sep 15, 2017
2.

In other words, virtually no such sword for causing loss of ITC exists.

- 0
Replied on Sep 15, 2017
3.

It is the common opinion that the input tax credit on reverse mechanism is available on the same month itself.

- 0
Replied on Sep 15, 2017
4.

July itself

- 0
Replied on Sep 17, 2017
5.

The Institute of Chartered Accountants of India, New Delhi has written suggestion seeking clarification on the subject that whether input tax credit of the tax paid under reverse charge is available in the same month or not.

Yes, all are suggesting that credit can be taken in the same month. Also the Commercial Tax Officer has opined that credit can be taken in the same month.

But my contention is why there is no clarificatory notification on this.

- 0
Replied on Sep 17, 2017
6.

It is a matter of common knowledge that ITC on GST paid and utilised in course or furtherance of business cannot be denied. Two basic conditions are fulfilled . That is O.K. Act is very much clear.

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