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If ITC not claimed is there any issue

This query is : Resolved 
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(Querist)
05 February 2025 ITC availed but not claimed in previous years is there any issue
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Dhirajlal Rambhia

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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.
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Srimannarayana

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Srimannarayana (Querist)
05 February 2025 But I was not happened what are the consequences
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 February 2025 Unless authority extends the timeline or any other alternative declared, it cannot be claimed.
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Srimannarayana

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Srimannarayana (Querist)
05 February 2025 Is there any penalty or interst has to pay for non claimed ITC
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 February 2025 No.
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Srimannarayana

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Srimannarayana (Querist)
05 February 2025 Thanking very much sir
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 February 2025 You are welcome.
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