If ITC not claimed is there any issue

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This query is : Resolved

Quick Summary

Input Tax Credit (ITC) under GST must be claimed by either 30th November following the financial year or the date of filing the annual return, whichever is earlier. If you miss this deadline, you generally cannot claim the ITC unless the timeline is extended by the authorities. There are no penalties or interest payable for not claiming the ITC by the due date.

Srimannarayana

Srimannarayana (Querist)

05 February 2025 ITC availed but not claimed in previous years is there any issue

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 February 2025 According to Section 16(4) of the Central Goods and Services Tax Act, 2017 (“CGST Act”), a registered person must claim Input Tax Credit (ITC) within the earlier of the following:
30th November following the end of the financial year to which the invoice or debit note pertains,
or The date of filing the annual return.

Srimannarayana

Srimannarayana (Querist)

05 February 2025 But I was not happened what are the consequences

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 February 2025 Unless authority extends the timeline or any other alternative declared, it cannot be claimed.

Srimannarayana

Srimannarayana (Querist)

05 February 2025 Is there any penalty or interst has to pay for non claimed ITC

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

05 February 2025 No.