If ITC not claimed is there any issue
This query is : Resolved
05 February 2025
ITC availed but not claimed in previous years is there any issue
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.
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.
05 February 2025
But I was not happened what are the consequences
05 February 2025
Unless authority extends the timeline or any other alternative declared, it cannot be claimed.
05 February 2025
Is there any penalty or interst has to pay for non claimed ITC
05 February 2025
No.
05 February 2025
Thanking very much sir
05 February 2025
You are welcome.
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