English
‘Input Tax Credit’ or ‘ITC’ means the Goods and Services Tax (GST) paid by a taxable person on any purchase of goods and/or services that are used or will be used for business.
ITC value can be reduced from the GST payable on the sales by the taxable person only after fulfilling some conditions. These conditions given under the GST law are more or less in line with the pre-GST regime, except for a few additional ones such as GSTR-2B. These rules are direct and maybe stringent in nature.
Time limit to claim an input tax credit under GST
Provisions of section 16(4) of the Central Goods and Services Tax Act, 2017 prescribe the time limit within which the registered person is required to avail of the input tax credit of the respective Financial Year. Earlier provisions and new provisions relating to the same are tabulated hereunder –
| Earlier provisions new | New are provisions effective from 1st October 2022 |
Earlier the following – · Due date of furnishing return in Form GSTR-3B for September following the end of the respective Financial Year; or · Furnish of relevant annual net returns | Earlier of the following – · 30th November following the end of the respective Financial Year; or · Furnishing relevant annual net returns |
Click hereto get GST returns filed by experts.
