No Reversal of GST Credit for Non-Payment of GST by Supplier till Oct 1, 2022 || CA (Adv) Bimal Jain
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- เผยแพร่เมื่อ 6 ม.ค. 2023
- No Reversal of GST Credit for Non-Payment of GST by Supplier till Oct 1, 2022 || CA (Adv) Bimal Jain
⭐ Reversal of ITC in case of non-payment of tax by the supplier by a specified date and mechanism for re-availment
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⭐ CBIC issued a clarification to deal with the difference in ITC availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19
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⭐ Important Changes in GST for compliance on CY 2023
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⭐ Vol 1: Detailed commentary (with updated provisions, rules, circulars, FAQs, etc.) on various topics of GST Laws and Provisions viz. Supply of goods or services - intra-state and inter-state. Principles of time of supply & place of supply, taxable person, GST ITC, reverse charge, exports and imports, job work, TDS, TCS, appeals & revision, demand and recovery, search & seizure, arrests, offences, penalties, etc., with practical case studies and illustrations & FAQs for conceptual clarity.
⭐ Vol 2: GST Procedures viz. registration, payment, invoice, GST returns, refund, etc. with their forms and flow charts for easy understanding, Manual for GST Rates & Exemptions as on date, GST Annual Return (GSTR-9) and Self Certified Reconciliation statement (GSTR-9C) as per revised formats, e-invoicing, ‘QR code’ and Discussion on ‘Way forward GST return system - Sequential filing of GST Return’ etc.
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Thank you very much sir for this nice deliberations
For FY 2017-18,department is asking for reversal of credit from buyer in respect of supplies which were reported by Suppliers after 13.09.2019 quoting NN 17/2019.How to defend such cases? Is such ITC ineligible as per section 16(4) even though ITC has been claimed before due date of filing Sep return 2018.
Thanks for updating, Accountancy is core game of transactions Recording in Proper Manner, In Initially upto 4 Year GST Portal didn't care for it, That's why All Genuine Tax Payers Suffering since then.
Thank you so much sir for such a knowledgeable video 💯💯💯💯💯💯💯
Sir so is there no remedy to challenge retrospective cancelation of supplier gst and thus notice to recipient to challenge the input reversal order after Oct 22 ??
Sir,
Won't the Department counter argue why at the first instance the recipient violated condition as enumrrated u/s. 16(2)c right at the time of claiming ITC till the Writ is disposed of.
If I am Purchase goods from Suppliers and not made payment but, Sale some goods to same party, then it will be count in payment or not for Rule 37, any notification/case laws/judgements?
Sirthis issue tobe taken seriously and to file WP thru all tax payers association and will this correct as per constition
Most Important information ji🙏🙏💐
Thanks for the details
Sir, do we need to check every month the 3B filing status every month u/s 41(2) for supplier since Oct-22
Required to be protected
Very helpful sir thanks
Sir rule. 37 relating to 180 days non payment to supplier...in this regards i want to know that if I had availed credit but not utilise that credit, in this case interest will levy??
From best of my knowledge, no interest levied in case ITC not utilise.
Sir , If Supplier Entered incorrect GSTIN and paid GST thereon , and same thing came to notice post Sep'22 where there is no scope for amendment in invoices is available what is remedy available for that supplier and recipient but all tax paid to Department.
If you are saying conditions mentioned in section 16 and rule 36 then you can take credit.
Already notification issued by cbic and internal circular issue by Maharashtra govt.
Credit must match with GSTR 2B...Pls watch my another video on GSTR 2A vs. GSTR 3B...will upload tomorrow
Excellent sir
Sir, agreed 41(2) is prospective provision but 16(2)(c) is since beginning, then how to counter the department's contention pls.
It is beginning for claim but what mechanism to comply the same.
But sir what section 16(2)c of CGST Act which already from 1st July 2017 ?
16(2)c ke hisab se toh reversal krna h but direct buyer ko reversal ke liye nh bol skte , thats what madras high court said . That is why department inserted rule 37A. Ab direct department buyer ko bolega reversal ke liye.
Agreed...but, no provisions for reversal was there...which is now enacted u/s 41(2)
thank you to give me some hope.
because mera savings account freeze kar diye he 😢
Superb sir
Good information video sir
Thanks a lot sir
Sir, How can one find that the buyer has included our invoice in 3B calculations, or later on, he has paid tax on our invoice.
Pls watch my another video on same...Sequential filing of GST Returns...uploaded tomorrow
@@cabimaljain hello sir may i get your phone number
Can a petition not be filed on behalf of taxpayers that this clause is absurd and cannot be complied with in absence of a mechanism? Thanks for waging this battle, I sure am you have the support of fraternity to get the law amended/mechanism created...and if petitions don't work we should be able to take this battle on prime time TV.
A writ petition is already filed with Delhi HC in may 19 challenging constitutional validity of Sec 16(2)(c) but it is still pending for disposal.
Thanks.This is very good information giving pin point legal arguments and justification.
Even after 1 St oct 2022. How we can find that supplier is included our invoice in form GSTR 3 B. bonafide recepient will suffer loss.
2 B it should have
@@balunavaneetham Form GSTR 2 B based on Form GSTR 1 of the supplier. Tax is remitted through GSTR 3 B. Form GSTR 2B come before filling GSTR 3B. how can we track the payment of the supplier...
@@shefeequekk if he didn't pay in 3B, there must be difference between gstr1vs3B dept. Will enforce him.
@@sudhakarreddysoma3126 that is seperate issue. Problem is that how recipient will verify whether supplier is made payment or not??
@@shefeequekk you are correct, I think this is a land mine of litigation and i think the government will lose and this section and rule will be struck down as unconstitutional on the ground of impossibility and thus arbitrary and unreasonable thus violative of article 14 read with article 21 and 19 of the constitution but that will take another 10 years atleast
Expired medicine financial credit notes
Can directly be deducted. From purchase
Without ITC REVERSAL OR NOT
ITC reversal is compulsory
But sir what about after 1.10.2022 ?
GST dept can demand reversal of ITC
🙏
Even though govt sent excess itc notices for fy 17-18
Irony
S
First view
thanks for first view