CA NeWs Beta*: GST update: FinMin issues clarification on last day of availing Input Tax Credit

Search This Site

Thursday, October 18, 2018

GST update: FinMin issues clarification on last day of availing Input Tax Credit

The Finance Ministry on Thursday clarified that the last date for availing Input Tax Credit (ITC) under the Goods and Services Tax for the period from July 2017 to March 2018 is either December 31 or the date of filing of the annual return, whichever is the earlier. In a series of tweets, the finance minister also said that the apprehension that the ITC can only be availed only on the basis
of reconciliation between GSTR-2A and GSTR 3B before the deadline for filing the latter is “unfounded”.
“For such taxpayers, the extended date i.e. 31st December, 2018 or the date of filing of annual return whichever is earlier will be the last date for availing ITC in relation to the said invoices issued by the corresponding suppliers during the period from July,2017 to March,2018,” the finance ministry said in a tweet.
“It may, however, be noted that the Govt has extended the Last date for furnishing of return in FORM GSTR-3B for Sept.,2018 for certain taxpayers who have been recently migrated from erstwhile tax regime to GST regime vide notification No.47/2018-Central Tax dated 10th Sept, 2018,” it added.
It must be noted that the last date for filing GST returns for the month of September is October 20, while that of filing annual returns for the financial year 2017-18 is December 31. “It is clarified that furnishing of outward details in FORM GSTR-1 by the corresponding supplier(s) & facility to view the same in FORM GSTR-2A by the recipient is in nature of taxpayer facilitation & does not impact the ability of taxpayer to avail ITC on self-assessment basis,”the government said.
The government has also said that those businesses that have opted for composition scheme do not need to upload purchase details while filing quarterly returns.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
For mobile version of this site click here


News Archive

Recommended Post Slide Out For Blogger