As per Section 16 (15) of the MGL, ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier. The underlying reasoning for this restriction is that no change in return is permitted after September of next FY. If annual return is filed before the month of September then no change can be made after filing of annual return.
ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier. The underlying reasoning for this restriction is that no change in return is permitted after September of next FY. If annual return is filed before the month of September then no change can be made after filing of annual return.
Sec 16 subsection aap input credit tax credit annual return bharne time ya next financial year k September ki return bharte time(jo phele bharoge )uss din tak claim kar shakte h. example if you file annual returan in March 2018 then itc shall be calim in march other wise if you dont file annual return in march then September tak kavi v return bharte time claim kar shakte hai.
(1) Special Circumstances : ●A Taxable Person shall not be entitled to take the INPUT TAX CREDIT in respect of supply of Goods / Services to him after the expiry of 1 (ONE) YEAR FROM THE DATE OF ISSUE OF TAX INVOICE relating to such supply. . (2) Job Work : ● Principal shall be entitled to take Credit of INPUT TAX on INPUT as well as on CAPITAL GOODS even if such INPUT / CAPITAL GOODS directly sent to JOB-WORKER for job work without being first bought by him to his place of business.. Condition : Principal shall be entitled to take input tax credit of Input / Capital Goods , if it is received back by principal within time limit (i.e. ONE YEAR in case of “INPUT” and “THREE YEAR” in case of “CAPITAL GOODS” from the date of being send out)
A registered person is nit entitled to take input credit on invoice debit notes after due date of furnishing of the return under section 39 for the month of September of the subsequent financial year or furnishing of the relevant annual return, whichever is earlier.
The Input Tax Credit (ITC) can be availed with in one year from the date of invoice/debit note. It should be claimed before filing the GST return u/s 27 for the September month following the Financial Year to which that invoice pertains, or before filling the relevant annual return u/s 30, whichever is earlier.
As per sec.18(2) of cgst Act, a taxable person shall not be allowed to take ITC in r/o any supply of goods and/ or services to him after expiry of one year from the date of issue of tax invoice relating to such supply. Further a taxable person shall not be entitled to take such ITC after the filing of return u/s 39 of cgst act for the month of september following the end of financial year to which such invoice or invoice relating to debit note pertains or filing of the relrvant annual return, whichever earlier-sec.16(4) of cgst act.
Sec 16(4) Time limit for availment of credit: ITC shall not be allowed after furnishing of return for September month following the end of financial year to which such invoice or furnishing of relevant annual return (December 31 is the due date for filing annual return), whichever is earlier. In the absence of any provisions as to eligibility to avail ITC when there is delay in applying for registration under GST, it appears that such credit on inputs would be lapsed and would be available only after the date of registration granted under the GST Law.