ITC REVERSED DUE TO OVERDUE PAYMENT ABOVE 180 DAYS, RECREDIT CAN BE TAKEN AFTER 1 YEAR
This query is : Resolved
19 December 2024
Sir,
We booked invoice on 20/03/2023(F Y 22 23), ITC Credit was taken in same month. In October 23 we reversed the ITC due to non payment to vendor.
we have paid the vendor in March 24. we forgot the take recredit of itc reversed.
can we take the recredit today in the month of December 2024.
We booked invoice on 20/03/2023(F Y 22 23), ITC Credit was taken in same month. In October 23 we reversed the ITC due to non payment to vendor.
we have paid the vendor in March 24. we forgot the take recredit of itc reversed.
can we take the recredit today in the month of December 2024.
19 December 2024
GST law generally allows for re-claiming reversed ITC only within a year from the date of invoice or from when it was reversed. Since your re-credit would be after this period (December 2024), it may not be permissible under current regulation. However, you can still claim the ITC by filing an application in form GST DRC-20, along with the necessary documents and explanations for the delay.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- New Garden in Place of Old Garden
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
