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

Input Tax Credit possession rule: ITC claimable only in the tax period when goods are received; prior return cannot include.
ITC may only be claimed in the tax period when goods are actually received; possession of goods is a prerequisite under Section 16(2). If goods invoiced in one period are received in a subsequent period, ITC cannot be taken for the earlier period merely because its return has not yet been filed. Taxpayers should make the required disclosures and reversals in the earlier period's return as mandated by return-format rules and claim the ITC in the period of actual receipt.