Itc of f.y. 2018-2019
This query is : Resolved
Gurwinder Singh
(Querist)
15 May 2019
Dear All Experts
one of my supplier issued tax invoice in March-2019 also enter in Gstr-1, its also showing in Gstr-2A of March-2019
but we forgot to consider it in Gstr-3b of March-2019
Now can we take input for the same in 2019-2020, what is the procedure for the same.
Thanks in advance
one of my supplier issued tax invoice in March-2019 also enter in Gstr-1, its also showing in Gstr-2A of March-2019
but we forgot to consider it in Gstr-3b of March-2019
Now can we take input for the same in 2019-2020, what is the procedure for the same.
Thanks in advance
Asiya Begum
(Expert)
16 May 2019
ITC on the invoices pertaining to FY 19-20 can be availed upto the due date of filing Sep'19 GSTR-3B return - Sec. 16(4) of CGST Act.
In your case, the ITC on invoice pertaining to March'19 can be availed in GSTR-3B of April'19 as any other normal ITC.
In your case, the ITC on invoice pertaining to March'19 can be availed in GSTR-3B of April'19 as any other normal ITC.
Gurwinder Singh
(Querist)
18 July 2019
ok , if i avail itc of march-19 in april-19 through 3b then my input tax credit in books will not match with input showing in gstr 2 a of 19-20 because input is showing in 2a of 18-19.
kindly help asiya begum
kindly help asiya begum
02 August 2024
If you missed claiming Input Tax Credit (ITC) in GSTR-3B for the month of March 2019, you can still claim it in the subsequent period, following certain guidelines. Here’s how to handle this situation:
### **Procedure for Claiming ITC Missed in March 2019**
1. **Claim ITC in the Current Period:**
- Since you missed claiming ITC in March 2019, you can claim it in a subsequent GSTR-3B return, such as for April 2019 or any later period.
- In your GSTR-3B for April 2019 or the period you choose to claim the ITC, include the missed ITC amount under the appropriate section (e.g., Input Tax Credit on Purchases).
2. **Adjustment in GSTR-3B:**
- When you claim the missed ITC, make sure to adjust it in the ITC column of your GSTR-3B. You should provide details about the invoice in the relevant section.
3. **Reconciliation with Books and GSTR-2A:**
- Although the ITC will be claimed in a later period, ensure that your books of accounts are updated to reflect the ITC correctly.
- When reconciling your books with GSTR-2A, you should account for the timing difference. The ITC claimed in a subsequent period will be reflected in the books for the period in which it was claimed.
4. **Impact on GSTR-2A:**
- GSTR-2A for FY 2018-19 will show the ITC based on the supplier’s GSTR-1.
- When you claim the ITC in GSTR-3B for FY 2019-20, it will not affect GSTR-2A for FY 2018-19, but ensure it is correctly reflected in GSTR-2A of the period in which you claim the credit.
5. **Documentation:**
- Maintain all necessary documentation and records to support the claim of ITC in the subsequent period.
- Keep a record of the invoice details, the period in which the credit was claimed, and any communication with the supplier.
### **Guidelines and Rules:**
- **ITC Claiming Time Limit:**
- As per GST law, ITC for a particular financial year can be claimed up to the due date of filing GSTR-3B for the month of September following the end of the financial year. For FY 2018-19, this means the ITC should be claimed by September 2019.
- **Reconciliation:**
- Ensure proper reconciliation of ITC claimed and available in GSTR-2A for accurate GST compliance. The mismatch should be addressed in your GST filings.
- **No Penalty for Delayed Claim:**
- There is no specific penalty for delayed ITC claims as long as it is within the permissible time frame. However, ensure timely compliance to avoid potential issues.
### **Action Steps:**
1. **File GSTR-3B for the period in which you want to claim the ITC.**
2. **Update your accounting records to reflect the ITC claimed in the current period.**
3. **Ensure that all necessary documentation is maintained for future reference.**
4. **Monitor GSTR-2A to ensure the ITC is reflected correctly in your records.**
By following these steps, you can properly account for the missed ITC and ensure compliance with GST regulations. If needed, consult a tax professional for specific advice based on your situation.
### **Procedure for Claiming ITC Missed in March 2019**
1. **Claim ITC in the Current Period:**
- Since you missed claiming ITC in March 2019, you can claim it in a subsequent GSTR-3B return, such as for April 2019 or any later period.
- In your GSTR-3B for April 2019 or the period you choose to claim the ITC, include the missed ITC amount under the appropriate section (e.g., Input Tax Credit on Purchases).
2. **Adjustment in GSTR-3B:**
- When you claim the missed ITC, make sure to adjust it in the ITC column of your GSTR-3B. You should provide details about the invoice in the relevant section.
3. **Reconciliation with Books and GSTR-2A:**
- Although the ITC will be claimed in a later period, ensure that your books of accounts are updated to reflect the ITC correctly.
- When reconciling your books with GSTR-2A, you should account for the timing difference. The ITC claimed in a subsequent period will be reflected in the books for the period in which it was claimed.
4. **Impact on GSTR-2A:**
- GSTR-2A for FY 2018-19 will show the ITC based on the supplier’s GSTR-1.
- When you claim the ITC in GSTR-3B for FY 2019-20, it will not affect GSTR-2A for FY 2018-19, but ensure it is correctly reflected in GSTR-2A of the period in which you claim the credit.
5. **Documentation:**
- Maintain all necessary documentation and records to support the claim of ITC in the subsequent period.
- Keep a record of the invoice details, the period in which the credit was claimed, and any communication with the supplier.
### **Guidelines and Rules:**
- **ITC Claiming Time Limit:**
- As per GST law, ITC for a particular financial year can be claimed up to the due date of filing GSTR-3B for the month of September following the end of the financial year. For FY 2018-19, this means the ITC should be claimed by September 2019.
- **Reconciliation:**
- Ensure proper reconciliation of ITC claimed and available in GSTR-2A for accurate GST compliance. The mismatch should be addressed in your GST filings.
- **No Penalty for Delayed Claim:**
- There is no specific penalty for delayed ITC claims as long as it is within the permissible time frame. However, ensure timely compliance to avoid potential issues.
### **Action Steps:**
1. **File GSTR-3B for the period in which you want to claim the ITC.**
2. **Update your accounting records to reflect the ITC claimed in the current period.**
3. **Ensure that all necessary documentation is maintained for future reference.**
4. **Monitor GSTR-2A to ensure the ITC is reflected correctly in your records.**
By following these steps, you can properly account for the missed ITC and ensure compliance with GST regulations. If needed, consult a tax professional for specific advice based on your situation.
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