Input Tax Credit Sec 16 (2)-possession of goods rule

[Rakesh Sharma]

Dear Members,

My query is , suppose I have purchase goods on 30.06.22 and goods received on 12.07.22. So in this case can in take gst credit of said invoice in Jun GSTR-3B because goods received before filing of return of june GSTR-3B (20th July)

Thanks

AI Summary

Claim ITC in July GSTR-3B for Goods Received After June; Section 16(2) CGST Act Clarified. A forum discussion addressed whether input tax credit (ITC) can be claimed for goods purchased in June but received in July before filing the June GSTR-3B return. Participants unanimously agreed that under Section 16(2) of the CGST Act, ITC can only be claimed once goods are received. Consequently, the credit should be claimed in the July GSTR-3B return, not June. Contributors advised disclosing and reversing the credit in June's return and then claiming it in July's return. The discussion highlighted the importance of adhering to the conditions for availing ITC as per the GST regulations.