When ITC is said to be Availed under GST Act ?
Para No 11 of Circular No 79/50/2018 GST Dated 31st December 2018
Input tax credit can be said to have been “availed‟ when it is entered into the electronic credit ledger of the registered person.
Under the current dispensation, this happens when the said taxable person files his/her monthly return in FORM GSTR-3B.
Thus No Penalty can be raised under GST ACT for wrongly availing ITC as entry has been reversed under Books of Accounts without claiming under GSTR 3B
Entry Passed in Books on 01st January 2019
Car Purchased 1000000
IGST A/c Dr 180000
To Vendor A/c 1180000
Entry Passed in Books on 05st January 2019
Car Purchased 180000
To IGST Act 180000
(Being IGST Wrongly availed and revered )