Input tax credit ELIGIBILITY

This discussion addresses a query regarding claiming GST input tax credit (ITC) for jigs and fixtures supplied in March 2021, where the invoice was not accounted for and reconciliation was missed. While the general rule states ITC must be claimed by the due date of GSTR-3B for September following the financial year, and payment to the supplier must be made within 180 days to retain credit, there are potential avenues. If the invoice hasn't been booked, it can be treated as a prior period item, followed by payment to the supplier. Once payment is made, the credit can be re-availed without a strict time limit, though interest may apply if the 180-day payment window was missed. If the annual return is filed and the credit appears in GSTR-2B, it might need to be treated as an expense if not claimed as ITC.