Availing of Input credit of Last year FY 2019-20

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If you have an eligible GST invoice from February 2020 for the financial year 2019-20, you can still claim the Input Tax Credit (ITC). The deadline for claiming ITC for FY 2019-20 is the filing of your GSTR-3B return for September 2020, which is due by 20th October 2020. You can adjust this unclaimed ITC balance in your current year's accounts by transferring it to the ITC ledger.

NARESH V

NARESH V (Querist)
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09 November 2020 Hi ,

We have received a One GST Invoice from our supplier's, invoice dated 20.02.2020.

We don't have eligible to claim the Last year's GST Amount now. So, shall we book the same invoice value ( including GST Amount ) to be total Expenses in Last Yearbooks?

Please Advise us for an accounting of the same.

regards,
Naresh

Eswar Reddy S

Eswar Reddy S (Expert)
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09 November 2020 For this kind of issue , you can still adjust the ITC in the current year till September GST Filing You can just pass on the ITC Balance to current year to ITC ledger in the books of accounts.

Eswar Reddy S

Eswar Reddy S (Expert)
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09 November 2020 Time limit for claiming Input Tax Credit (ITC) – time limit for taking ITC for F.Y 2019-20 is up to filing of return (GSTR-3B) for the month of September 2020. The due date of filing of GSTR-3B for the month of September 2019 is 20th October 2020

Eswar Reddy S

Eswar Reddy S (Expert)
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09 November 2020 Un claimed GST ITC can be claimed beyond FY subject to above condition

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