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Igst credit has been taken as cgst and sgst

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Ankit

Student

37 Points Posted on 22 July 2020

In 18-19 some of IGST purchase invoices has been shown as CGST and SGST in books and credit of the same has been taken as cgst and sgst.

Now I have to reverse the credit of cgst and sgst with the said amount and can I claim it as igst credit or it has been lapsed??

Replies (4)

Quick Summary

This discussion addresses a common accounting error where IGST purchases were incorrectly recorded as CGST and SGST, with credit taken accordingly. The consensus is that this incorrect credit must be reversed. Unfortunately, due to the expiry of the time limit for claiming Input Tax Credit (ITC) for the financial year 2018-19, the IGST credit cannot be claimed now.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 22 July 2020

Yes, You have to reverse the credit of CGST and SGST with the said amount because it's wrongly taken and also you can not claim it as IGST credit as time limit to claim ITC for F.Y 2018-19 has already expired.

annu Goyal

641 Points Posted on 22 July 2020

Yes, you can claim IGST

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 22 July 2020

@ Annu Goyal ji
How one can claim credit of ITC relating to F.Y 2018-19 as time limit to claim ITC for F.Y 2018-19 has already expired.
Can you pls explain.