Itc of f.y. 2018-2019
This query is : Resolved
17 July 2019
Dear all experts
one of my supplier issued tax invoice in financial year 2018-2019. invoice is also showing in march-19 gstr-2a but we have not entered the same in financial year 18-19.
can i enter that invoice in financial year 19-20 & can i avail input tax credit.
kindly guide me? what is the procedure
one of my supplier issued tax invoice in financial year 2018-2019. invoice is also showing in march-19 gstr-2a but we have not entered the same in financial year 18-19.
can i enter that invoice in financial year 19-20 & can i avail input tax credit.
kindly guide me? what is the procedure
17 July 2019
Yes, you may enter that invoice in financial year 19-20 & avail input tax credit while filing 3B upto the month of September 2019 or date of filing of annual return for the FY 2018-19, which ever is earlier.
18 July 2019
ok sir, but if i enter that invoice in f. y. 19-20 & take input through 3b, my input of f.y. 19-20 will not match with input showing in 2a of 19-20 because invoice belongs to f.y. 18-19 & input is showing in 2a of 18-19.
kindly help sir Mukul Giria
kindly help sir Mukul Giria
02 August 2024
If you have missed entering an invoice in GSTR-3B for FY 2018-19 but it is available in GSTR-2A of March 2019, you can still claim the Input Tax Credit (ITC) in the following financial year. Here’s a detailed guide on how to handle this situation:
### **Steps to Claim ITC for an Invoice Missed in FY 2018-19**
1. **Claim ITC in the Following Financial Year:**
- You can claim ITC for the invoice in FY 2019-20, provided you are still within the permissible time limits set by GST law. As per GST rules, ITC can be claimed up to the due date of filing GSTR-3B for September of the subsequent financial year. For FY 2018-19, you could claim this ITC until September 2019.
2. **Enter the Invoice in GSTR-3B for FY 2019-20:**
- When filing GSTR-3B for FY 2019-20, include the ITC of the invoice. Enter the details under the appropriate ITC section.
3. **Reconciliation and Adjustment:**
- Since the invoice was missed in FY 2018-19 but is showing in GSTR-2A for that period, you need to reconcile this with your books. The ITC will be reflected in GSTR-2A for FY 2018-19, but you will claim it in FY 2019-20.
4. **Documentation:**
- Ensure you keep proper documentation of the invoice and the claim in the subsequent period. This will support your ITC claim and help in case of any future audits.
### **Procedure to Follow:**
1. **File GSTR-3B for FY 2019-20:**
- Claim the ITC for the missed invoice in the GSTR-3B for FY 2019-20. Ensure that the invoice details are correctly entered in the ITC section of the return.
2. **Update Your Accounting Records:**
- Reflect the ITC in your accounting records for FY 2019-20. This ensures that your books are accurate and up-to-date.
3. **Monitor GSTR-2A:**
- Check GSTR-2A for FY 2019-20 to confirm that the ITC claimed is consistent with the records and that there are no discrepancies.
4. **Reconciliation with GSTR-2A of FY 2018-19:**
- Although the ITC claimed will be for FY 2019-20, the invoice might appear in GSTR-2A of FY 2018-19. Make sure that this is correctly accounted for in your reconciliation.
### **Considerations:**
- **Timing of ITC Claim:**
- ITC for a financial year can be claimed up to the due date for filing GSTR-3B for September of the subsequent year. Ensure you claim it within this period to avoid any issues.
- **Reversal of ITC:**
- If you claimed ITC incorrectly, you may need to reverse it and pay interest. Since you are now claiming it correctly in FY 2019-20, ensure that no erroneous claims are made.
- **Impact on Books and Records:**
- The mismatch between books and GSTR-2A should be addressed by updating your records. Ensure that all entries are accurate and reflect the correct ITC.
### **Summary:**
You can claim the ITC of the invoice from FY 2018-19 in FY 2019-20. Ensure that the claim is made correctly in GSTR-3B of FY 2019-20 and that your records are updated. Reconciliation with GSTR-2A should be done carefully to ensure compliance. If you have further concerns or require specific guidance, consulting a tax professional is advisable.
### **Steps to Claim ITC for an Invoice Missed in FY 2018-19**
1. **Claim ITC in the Following Financial Year:**
- You can claim ITC for the invoice in FY 2019-20, provided you are still within the permissible time limits set by GST law. As per GST rules, ITC can be claimed up to the due date of filing GSTR-3B for September of the subsequent financial year. For FY 2018-19, you could claim this ITC until September 2019.
2. **Enter the Invoice in GSTR-3B for FY 2019-20:**
- When filing GSTR-3B for FY 2019-20, include the ITC of the invoice. Enter the details under the appropriate ITC section.
3. **Reconciliation and Adjustment:**
- Since the invoice was missed in FY 2018-19 but is showing in GSTR-2A for that period, you need to reconcile this with your books. The ITC will be reflected in GSTR-2A for FY 2018-19, but you will claim it in FY 2019-20.
4. **Documentation:**
- Ensure you keep proper documentation of the invoice and the claim in the subsequent period. This will support your ITC claim and help in case of any future audits.
### **Procedure to Follow:**
1. **File GSTR-3B for FY 2019-20:**
- Claim the ITC for the missed invoice in the GSTR-3B for FY 2019-20. Ensure that the invoice details are correctly entered in the ITC section of the return.
2. **Update Your Accounting Records:**
- Reflect the ITC in your accounting records for FY 2019-20. This ensures that your books are accurate and up-to-date.
3. **Monitor GSTR-2A:**
- Check GSTR-2A for FY 2019-20 to confirm that the ITC claimed is consistent with the records and that there are no discrepancies.
4. **Reconciliation with GSTR-2A of FY 2018-19:**
- Although the ITC claimed will be for FY 2019-20, the invoice might appear in GSTR-2A of FY 2018-19. Make sure that this is correctly accounted for in your reconciliation.
### **Considerations:**
- **Timing of ITC Claim:**
- ITC for a financial year can be claimed up to the due date for filing GSTR-3B for September of the subsequent year. Ensure you claim it within this period to avoid any issues.
- **Reversal of ITC:**
- If you claimed ITC incorrectly, you may need to reverse it and pay interest. Since you are now claiming it correctly in FY 2019-20, ensure that no erroneous claims are made.
- **Impact on Books and Records:**
- The mismatch between books and GSTR-2A should be addressed by updating your records. Ensure that all entries are accurate and reflect the correct ITC.
### **Summary:**
You can claim the ITC of the invoice from FY 2018-19 in FY 2019-20. Ensure that the claim is made correctly in GSTR-3B of FY 2019-20 and that your records are updated. Reconciliation with GSTR-2A should be done carefully to ensure compliance. If you have further concerns or require specific guidance, consulting a tax professional is advisable.
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