Q. 112 What is the difference between sec 16(2),sec 16(4) and sec 36(4) itc claim in gst act ?
Clarify rice and sajjalu,ragulu selling and buying goods gst registered dealers taxable and exempted applicable w.e.f 18-07-22 in gst act ?

Ans. As per GST Act, 2017

• Section 16(2)- It specifies conditions to be satisfied for taking ITC, this is to be read along with rule 36 and rule 37
  1. Rule 36 – It prescribes the documents on which ITC can be calimed
  2. Rule 37- It talks about reversal of ITC in case of non-payment of consideration.
• Section 16(4)- It deals with the last period for taking ITC in terms of a financial year i.e. before 30^th of November of succeeding period.
• Section 36( 4)- It includes duration of keeping and maintaining books of accounts i.e. for 72 months.

In other words, section 16(2) to be complied w,r,t documentation, and in case of taking ITC pertaining to a year, the last date is 30^th November of succeeding year. Further, documents including tax invoices, debit note or credit note have to be maintained for 72 months.

-Rice, sajjalu and ragulu other than pre-packaged and labelled to be exempt else taxable w.e.f.18-07-2022.

Q. 111 Is there any relief if 3B of FY 17-18 filed after march 2019, clarify as per section 16 (4) ?

Ans. As per rod no. 02/2018, a provision was inserted to sub-section 4 of section 16 to clarify the claim of ITC pertaining to FY 17-18, therefore, ITC can be claimed till march 2019. 

Q. 110 Sir, A jewellery business trading non gst registered person sales turnover declared in income tax returns two years. 1 f.y.20-21 sales turnover rs:45 lacs. 2.f.y.21-22 sales turnover rs:55 lacs . Question: 1.Dealer gst registered compulsory in gst act 2.dealer gst new registration number applied present date previous sales turnover 20-21and 21-22 declared in it returns previous years tax pay compulsory in gst act ?

Ans. Since threshold limit of registration increased above INR 40 lacs in case of goods, hence, registration is compulsory required to be made under section 22 of the CGST Act, 2017. Yes, GST to be discharged along with interest and penalty for both FYs to avoid legal consequences.