Input tax credit

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nput tax credit<br> Query (Issue) Started By: - ANUP BHATTACHARJEE Dated:- 13-3-2022 Last Reply Date:- 17-4-2022 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>Credit is taken in the month itself but return in form 3B is filed after limitation of 16 (4) . What will happen sir? Reply By Shilpi Jain: The Reply: Under gst credit is when taken in the electronic credit ledger by filing GSTR-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....3B. If that is filed after statutory time limit credit will not be eligible. Will get into litigation Reply By ANUP BHATTACHARJEE: The Reply: What I saw from earlier questions and answers ,will it fetch any positive result? Reply By KASTURI SETHI: The Reply: Availment of ITC is not in consonance with Common Portal System implemented vide Section 146 of CGST Act. In your books of account (the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se being statutory records), you have taken ITC well in time, you can hope of getting your substantive right only by way of knocking at the door of High Court . You must fight. There is no other remedy. Reply By ANUP BHATTACHARJEE: The Reply: Thank u sir Reply By Ganeshan Kalyani: The Reply: Also one need to look into the amount of ITC vs the cost of litigation. Reply By Shilpi Jain: The Re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ply: That is one big point in which the department has an upper hand and many persons without getting to the Courts, many times pay off amounts which they are not liable also. This is due to the litigation costs involved. Reply By Shilpi Jain: The Reply: It is high time the Government fast tracks the initiative of making GST simple. They should take inputs from trade industry and professionals ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....regarding the provisions which are ambiguous and involve experts to relook at those provisions and bring clarity.<br> Discussion Forum - Knowledge Sharing ....