IGST of Feb 23, Can we claim ITC now?

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This discussion addresses whether Input Tax Credit (ITC) for IGST on imported goods can be claimed if the purchase was recorded late in the books. While the general deadline for claiming ITC for FY 2022-23 was November 30, 2023, there's a prevailing view that no specific time limit applies to claiming ITC on the import of goods. Therefore, the dealer can likely claim the IGST ITC in February 2025, even though the bill dates back to February 2023, as the claim was not made in the earlier period.

Kunjan

Kunjan (Querist)
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20 February 2025 dealer did not record this import (from out of india) in books till 2025. he now in feb 2025 recorded in books this import purchase , as a prior period error.

it is showing rightly in 2b since feb 2023.

so, can igst be claimed now? bill is of feb 2023.

my view-- as not recorded in books earlier, why cant he claim now?

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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20 February 2025 is ITC Claimed or not claimed in Feb 2023 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 February 2025 Recording late in the books of accounts doesn't allow you to claim ITC beyond due date.
The deadline for claiming any outstanding input tax credit (ITC) or correcting errors or omissions per Goods and Services Tax (GST) regulations for the financial year 2022-23 is November 30, 2023.

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ASHWANI DHANUKA

ASHWANI DHANUKA (Expert)
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21 February 2025 In my opinion, you can take the ITC as no time limit is prescribed for availing itc wrt to import of goods. It is a disputed matter and in case you take SCN may come and you need to defend it on the basis of law

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CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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21 February 2025 I think question is not clear,

If ITC is claimed in Feb 2023 and accounted in Feb - 2025 in this scenario GST Law does not bar you from claiming such ITC

If ITC and Bill is both recorded in Feb 2025 - in this scenario as GST ITC can be claimed as limitation of claiming ITC by Nov 2024 is not applicable to Import of Goods.

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Kunjan

Kunjan (Querist)
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21 February 2025 ty all.
claim was not made in feb 23.
dealer accounting in books in feb 2025.
conclusion --> dealer will claim it in feb 2025 as no limit for claiming itc on import from out of india.

ASHWANI DHANUKA

ASHWANI DHANUKA (Expert)
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22 February 2025 Yes you can claim the ITC

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