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?
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.
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
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