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INPUT CREDIT FOR THE FY 2019-2020

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PALASH

Nothing

922 Points Posted on 21 June 2020

By mistake One purchase bill not shown for the month of Feb 2020, so no input tax taken on that purchase bill for the month of Feb 2020, but now For the Month of May 20 that purchase is taken into consideration for claiming input tax credit. 1) Should i avail input tax credit for the month of May 20 ?

2) What is the maximum time limit for utilization of Input Tax Credit for the FY 2019-2020 ?

Regards.

Replies (4)

Quick Summary

This discussion addresses a query about claiming input tax credit (ITC) for a purchase made in February 2020 but missed in the original GST filing. The consensus is that the ITC can be claimed in May 2020. Furthermore, it clarifies that the deadline for utilising ITC for the financial year 2019-20 is the due date for filing the September 2020 GST return or the date of filing the annual return for 2019-20, whichever is earlier.

prasad Nilugal

GST Practitioner & Accounts

8996 Points Posted on 21 June 2020

What is the date of Invoice and product ?.

David

article Assistant

470 Points Posted on 21 June 2020

Yes you can avail the credit on May 2020. The due date for ITC for FY 2019-20 is The due date of filing GST Return for September 2020
OR
Date of filing the Annual Returns of 2019-20

KRISSHNAN KP

1708 Points Posted on 21 June 2020

You can claim ITC up to subsequent September

Pankaj Rawat

GST Practitioner

29904 Points Posted on 21 June 2020

1. Yes you can avail ITC in may month GSTR 3B ( As per Circular 26/26/2017 GST)

2. As per Section 16(4) of. GST Act. ITC pertaining to Fy 2019-20 can be avail till September 2020 .