Off set excess Output tax paid to excess itc claimed.
This query is : Resolved
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05 December 2022
During the FY 17-18, we have paid an excess output tax, the same has been offset with excess Input tax claimed during the year. Is there any problem in that
06 December 2022
Kindly respond to my query
06 December 2022
Section 16(4) of the CGST Act, 2017 was as under-
“A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier.”
However, after the amendment made in Section 16(4) through Finance Act, 2022, the words “due date of furnishing of the return under section 39 for the month of September” was replaced with “Thirtieth day of November”.
“A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier.”
However, after the amendment made in Section 16(4) through Finance Act, 2022, the words “due date of furnishing of the return under section 39 for the month of September” was replaced with “Thirtieth day of November”.
06 December 2022
in detail to the issue, during the FY 17-18, we have claimed an excess input tax, at the same time we also paid an excess output tax on our GSTR 3B. So the tax payable due to excess claimed ITC will be setoff with excess paid output tax. There were no revenue loss to the Govt. i want to know that is there any statutory binding on this method.
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