ITC TIME LIMIT FOR MISSED REVERSE CHARGE BILLS

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This query is : Resolved

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This discussion clarifies the time limits for claiming Input Tax Credit (ITC) on reverse charge GST, particularly for expenses incurred by advocates. The consensus is that the 30th November deadline for FY21-22 does not apply to ITC on reverse charge expenses when GST is deposited by the recipient. While there's a general feeling that there shouldn't be a time limit, the importance of fixing accountability in business is also acknowledged.

CA Kunjan - www.canaresh.com

CA Kunjan - www.canaresh.com (Querist)

18 December 2022 IF MARCH 22 ADVOCATE'S BILL --> I DEPOSIT REVERSE GST IN DEC 22, WILL IT SHOW IN 2B SO I CAN CLAIM IT NOW?
MY VIEW--> YES. GST ON EXPS ON REV.CHARGES CAN BE CLAIMED ANYTIME WHEN GST IS DEPOSITED BY RECEPIENT.
FY2122 LIMIT OF 30 NOV 2022 DOESNT APPLY TO GST ON EXPS INCURRED FOR ADVOCATES ETC./REVERSE CHARGE, RIGHT?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

20 December 2022 Yes, your view is right.

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CA Kunjan - www.canaresh.com

CA Kunjan - www.canaresh.com (Querist)

21 December 2022 sir, i read further-->
as my service supplier was Registered.dealer, my time to get itc was till 30 nov 2022 only for fy2122.
had my supplier been urd, as there is no time limit to issue self invoice, here itc has unlimited time limit

i still feel even if reverse supplier is rd, there should not be time limit to avail itc after paying to government.

any thoughts, sorry for follow up querry sir,