20% Capping on ITC of Invoices not Uploaded || CA Bimal Jain

[@arihantjain333]

I am a chartered accountant student from indore , I too much impressed with your dedication with your work

[@MANOHARCHL]

Enlighted on the hot topic in a very lucid manner . Thank you Sir hope this rule & circular will soon be struk by courts and save all Tax payers and Practioners from hazardous calculations.

[@anish9490]

One of the best Speaker for GST.. Thank you very much sir for uploading.. Grear video..

[@omtaxsolutions6662]

Thanks Sir for clearing the concept of 20-20 Really appreciated your hard work Sir.....

[@Hbantawa]

I have a big admiration of your knowledge sir. To tell you the truth I have not yet followed notification 49/2019 dated 9/10/2019. Not just confused but randomly disagreement to notification.

[@snehasishmohapatra7370]

Video got really interesting after 16.54 minutes.Thank you sir for your in-depth analysis of the provisions.I hope the applicability of this provision got postponed till the arrival of new return.

[@caabhishekjain2954]

Sir u explained it very very nicely......i am short of words for your such kind of knowledge......hats off sir..

[@sudarshankhamari]

Sir, Very Good Clarification by You. Govt Should think about this & May Postpone / Extend up to April 2020.

[@harshitpanjwani8244]

Also, if all the suppliers are Quarterly Return Filers, then 2A will be 0, and 20% of 0 will be 0. Hence No ITC Availment until expiry of 4 months. Also, one more thing to note that we have to first download total 2A of the year ( until due date of filing of supplier ) i.e. begging from 1st April 2019 then we have to first sort 2A every month to remove those credits which are belonging to period before 09/10/2019 then we have to work out for 20% capping. Thank You for contributing your thoughts and understanding in this very issue. Appreciate it !!

[@caronakmehta5677]

I m totally agree with you sir. This provision is very ridiculous in terms of practical implications because CBIC does not want to improve system they want us to do this calculation every month. For small taxpayers how they can afford this? If they appoint CA for this working, it increases their cost. By the time we have to just check 2A and do working.

[@azadarian72]

Thanks a lot...Sir....You are GST God of India...!!!🙏🙏🙏👍👍👍 May Almighty always shower blessings on you.....

[@sunnyhauhan1987]

Thanks sir for your opinion on this, I have prepared a Excell sheet for making these calculations easy and simple in daily work.

[@iameqbal]

Can you share your excel working with us...

[@Pandyarajesh92]

Please share

[@shivamrc1020]

Thank you soo much Sir for uploading such a wonderful video. Nice presentation and suggestions too. Warm Regards Shivam Roy Chowdhury. 🙏👌🙏👌🙏👌🙏👌

[@rameshbhuva2668]

Thank you very much sir for uploading video & clearity. Once again thsnks.

[@RaviSingh-wm4gm]

You taught us very nicely sir.

[@hi5414]

Hats off to u dear sir

[@sarveshwadghule5741]

Good clarification video sir 👍

[@msandassociates133]

How to take qtrly purchase Input not show in gstr 2a we have deal in monthly basis

[@jkjain3244]

Glorious clarification

[@pramodjani1125]

Sir it is v.good,and make easy to understand thks

[@sachin76473]

Sir, government should stop quarter gstr 1 file and levy penalty on Gstr 1 like 3b, 90 % problem solved.

[@Yagnik_Sojitra]

We have to opt for monthly rather than telling to government to block quarterly filing.

[@eshankothari1119]

sir say in oct 19 the GSTR 2A shows ITC of 1000 but books shows 1500 , so ITC available is 1000+200=1200. In nov 19 the ITC as per 2A is 1500 and as per books is 1500 , now itc that can be taken is 1500+300=1800. the bill of itc 500 of oct19 is still not uploaded by supplier but still the supplier has taken credit of 500 in both months, than how this 36(4) can prevent frauds

[@anandhana5404]

Sir, thank you sir, I am in Chennai, I don't know Hindi ,

[@326750]

A VERY NICE AND CLEAR INFORMATION VERY NICE VIDEO

[@sureshfageria2188]

सर नमस्कार। अगर मेरी अधिकतर खरीद पार्टी अपना GSTR-1 तिमाही फाईल करते हैं तो मैं कैसे इस नियम को मासिक रिटर्न में लागू करूं।

[@govindbansal5994]

There is lots of difference between itc reflecting 2A and 8a of Annual return in every client details.

[@PradeepSharma-rk6vk]

Dear sir the amount of 20% credit is calculated on consolidated basis ,question is the consolidation is head wise (IGST,SGST,CGST) gst or not ??

[@basemetalgroup2367]

IF DOWNLOAD AS ON 15 TH AND CALCULATED THEN WHAT IMPACT FOR WORKING. AND SOME PARTY UPLOADED BETWEEN 11TH AND 14 THEN .

[@bobbymadaan1657]

since gstr1 filing beyond 11th of month is not blocked for monthly filers its understood that while file filing gstr3b itc available in gstr2a should be considered .

[@essar25]

In that case nobody will file GSTR3B before the due date and that will again cause network jams as everyone is filing on the same date

[@sujitbharti3086]

Thank you sir, very informative video

[@sriharisubrahmanyamaruthir7919]

Thank you sir, for detailed presentation

[@shubhamgoel4288]

Sir, Can a registered Job worker use some of his raw material in doing job work (under services SAC 9988) for a registered principle manufacturer. Please advice

[@eshankothari1119]

sir aise case mei kya hoga jab supplier ne gstr1 11 th ko 11.59pm par file ki and receipient 2A 11.58 pm par check karke so gya?

[@prasadnilugal4691]

Very nice video Sir ,

[@rupeshpanda6207]

if my supplier of good is such who file return on quarterly basis...then how I will take credit. .

[@rajendral.1553]

my work is accounting. how many documents save and calculation. more than time spend . more than ever ness requires for traders and accountants.

[@govindbansal5994]

Sir your advice is required on itc credit shown in 2A and 8 A of annual return.

[@vineetsharma2533]

You cannot pay more than the Central tax payable amount.. please give the solution on this issue

[@vikasvaryani6938]

Thank you so much sir. For such a wonderfull explanations

[@UpdateswithGunjan]

Sir may consider one doubt to clarify- Sir normally we used to claim itc of the invoices relating to previous 1 or 2 months as party submit their bills and after completing pendency and observations, we finally process those bills and take credit. It means, our GSTR 3B have itc relating to previous months so it couldn't be technically match with GSTR 2A of the current month. In this case, how to claim eligible itc+20%: 1. Either match each invoices from previous month GSTR 2A and then take 20% credit on non reflecting invoices, or 2. Without matching, take itc as per 2A of current month and add 20% on it.

[@dp3744]

sir as u said in this video when to down load gstr2a for the m/o october-19 on 11 th midnight or early of 12th date . because taxpayer will file the returns till mid night of 11th date. kindly tell me how to download the gstr2a as per date wise.

[@caaman93]

Whatsapp group link not working

[@anmolbansal1001]

Sir please make video on rcm , kab applicable Hua, kab hold Hua, espe lgaega

[@nubhaskar3842]

Sir, how to monitor the ITC provisions, Hold ITC in subsequent months. If you explain it would be beneficial to all.

[@biswajitpradhan5307]

Ishiliye government has completely failed by implementing unstructured GST model.. Government has not appointed any experienced Chartered Accountants like you Sir in GST Act, rules formation committee..And as a result Indian GST laws,rules etc. are becoming most complicated in the world even it has already been proved.. Please go back this government... otherwise all will become mad by such illogical changes frequently...not only in this law but also other laws like Company law,Income Tax, Vehicle law,etc etc etc..

[@rupeshpanda6207]

sir do you have online class

[@dhsikka]

Good, Sir,,, Keep it up

[@murtazad6738]

This new offset system of utilizing igst totally towards cgst first is like a rule to not get ur own itc Itc is available but of no use to us Plz put forward this complaint from ur side as i am sure it will become a huge problem for lots and lots of ppl like me

[@caanitabhadra9138]

Sir In case , supplier upload his GSTR 1 after due date , say 16th October Invoice will reflect on 20th Oct ( b4 filing 3B ) Then why clarification circular says - dynamic 2A is to b considered as on 11th Oct only

[@cabimaljain]

Then take in subsequent month

[@caanitabhadra9138]

@@cabimaljain O.k Sir , Thanks a lot for prompt response . Yr knowledge & way of explaining the topics are simply amazing

[@sebastiantm2648]

It is the rule of the day. Punish the innocent and let go free the guilty. Kya jamana aagaya

[@rajeshchopra6342]

Excellent sir

[@nanditraveling]

Very critical GST rule

[@kailashpandey2344]

Nice information sir, This is really so difficult to mamage for taxpayer and practitioners.

[@SriRama7832]

Government Should Bring TDS Rule in the GST Law so that GST to be Deductible Source So that all the working Capital should be in the Government Reserves. What a Stupid Law GST is.

[@MC-ye5dn]

Good work

[@jitendrajha3395]

Sir mujhe to lagta hi ye government try and error method pe koi bhi rule kabhi bhi la rha hi bina puri taiyari ke

[@chiragpatel3194]

Will this be considered head wise I.e. IGST, CGST and SGST... Plc clarify...

[@avats901]

Chirag Patel yes every calculation in the act is different for the three kind of taxes

[@252anand]

For October 2019, we need to check this rule for the credit only for the month October as this rule is perspective..Right.?

[@cabimaljain]

Yes

[@arupbhattacharjee9396]

how it reflect in books Sir?

[@nnnnn3285]

Why government issues such notifications? Why don't government take first suggestion from tax payers?

[@riteshshah4842]

SIR, MY QUESTION IS WHEN SUPPLIER FILE GSTR 1 RETURN ON 11.11.2019 FOR MONTH PERTAINING TO OCTOBER 2019 THEN ON SAME DATE THE SAID INVOICES ARE REFLECTED IN GSTR-2A?

[@priyamgupta5473]

It will reflect in 2A as soon as gstr 1 is submitted

[@caronakmehta5677]

what if supplier files his return on 12th of next month because of some delay so that we can not take credit in that month?

[@itrservices6662]

Thank you sir

[@chandanfalodia5486]

Can we file trans 1 by November 2019 if yes plz suggest me the procedure to take the input tax

[@cabimaljain]

Yes...

[@SandeepSingh-it8kn]

Thanku sir

[@saibabu8339]

Sir, a valuable information given by You. I have a doubt as, is it permissible to take ITC of 18-19 after sept19?

[@sonihiral21]

See 2x. Thank me later.

[@pareshkanabar1926]

If government allows real-time upload of invoices for quarterly assessee also then this system should work