ITC temporary reversal and reclaim
This query is : Resolved
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20 November 2024
Hello,
I have an ITC, which I don't want to claim now, I may have to claim after 1 month or 6 months or after a year. How do I do it in GST?
I have an ITC, which I don't want to claim now, I may have to claim after 1 month or 6 months or after a year. How do I do it in GST?
20 November 2024
Under Section 16(4) of the CGST Act, you can claim Input Tax Credit (ITC) only within the due date for filing the GST return for the month of September following the end of the financial year in which the invoice was issued, or the date of filing the relevant annual return, whichever is earlier.
You can hold off on claiming this credit in your GST returns (GSTR-3B or GSTR-9) and claim it in a later period as long as it’s within the time limits.
You can hold off on claiming this credit in your GST returns (GSTR-3B or GSTR-9) and claim it in a later period as long as it’s within the time limits.
20 November 2024
Oct-24 ITC I can hold till Sep-25?
20 November 2024
Yes...
20 November 2024
What is the maximum time available to claim?
Also how do I temporarily reverse and reclaim (detailed steps)
Also how do I temporarily reverse and reclaim (detailed steps)
20 November 2024
Refer: https://taxguru.in/goods-and-service-tax/guide-electronic-credit-reversal-re-claimed-statement-ecrrs.html
OR https://www.caclubindia.com/articles/reversal-of-itc-under-gst-47515.asp
OR https://cleartax.in/s/matching-reversal-reclaim-of-itc
OR https://www.caclubindia.com/articles/reversal-of-itc-under-gst-47515.asp
OR https://cleartax.in/s/matching-reversal-reclaim-of-itc
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