GST ITC cannot be Claimed by Taxpayers if GSTR-3B not filed by this Due Date for FY 2023-24
If you need to claim any pending input tax credit for FY 2023-24, do it by November 30.
If you are a Goods and Services Tax ( GST ) registered taxpayer and wish to claim any pending Input Tax Credit ( ITC ) for FY 2023-24 or amend any errors or omissions in your GST returns, note that the last date to do so is November 30, 2024. To claim pending ITC, taxpayers must file the specified GST return forms. The Input Tax Credit ( ITC ) for FY 2023-24 can only be claimed through...
If you are a Goods and Services Tax ( GST ) registered taxpayer and wish to claim any pending Input Tax Credit ( ITC ) for FY 2023-24 or amend any errors or omissions in your GST returns, note that the last date to do so is November 30, 2024.
To claim pending ITC, taxpayers must file the specified GST return forms.
The Input Tax Credit ( ITC ) for FY 2023-24 can only be claimed through the GSTR-3B return. Additionally, reporting errors in GSTR-1 can be rectified by filing amendments in subsequent tax periods.
The deadlines for these forms are:
GSTR-1: Original deadline was November 11, 2024, but corrections can be made until November 30, 2024, with a late fee.
Complete Draft Replies of GST ITC Related Notices, Click Here
GSTR-3B: The standard deadline is November 20, 2024, but returns can still be filed until November 30, 2024, with applicable late fees and interest.
Under Section 16(4) of the CGST Act, 2017, the time limit to claim ITC is either:
November 30, 2024 (for invoices pertaining to FY 2023-24), or The date of filing the annual return for FY 2023-24, whichever is earlier.
However, as ITC can only be claimed via GSTR-3B, the practical deadline is November 30, 2024. Missing this deadline will result in losing the opportunity to offset your output tax liability using ITC, potentially increasing your tax burden.
For taxpayers seeking to correct past errors or omissions, amendments can also be made while filing GSTR-1 and GSTR-3B for subsequent periods. For unresolved discrepancies, the annual return for FY 2023-24 becomes the last resort to make corrections.
Read More: GST Annual Returns GSTR-9: Due Date, Applicability, Late Fees and All You Need to Know
Any additional tax liability from these corrections must be paid using Form DRC-03, along with interest.
Complete Draft Replies of GST ITC Related Notices, Click Here
It is advisable for taxpayers to act promptly and review their tax filings to avoid penalties and the loss of benefits associated with ITC.
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