Input tax FY 19 20

ITC / Input 191 views 7 replies

Hello,

we are a into service industry (normal taxpayer with less than 2 cr turnover).
 

The date to claim input tax of FY 19-20 is sept 20. Is it to be claimed in GSTR3B we file this month in Sept (which is of Aug) or GSTR3B of sept (that we will b claiming in Oct)?

pls help. Thanks! 

Replies (7)
Time limit to claim ITC against an Invoice or Debit Note is earlier of below dates:

The due date of filing GST Return for September of next Financial year
OR
Date of filing the Annual Returns relevant for that Financial year

For instance, XY Corp, a buyer has a Purchase Invoice was dated 8th July 2019( FY 2019-20), wants to claim GST paid on that purchase. As per the criteria laid down to reckon the time limit:

The Due date of filing GST return for September 2020 is 20th October 2020 and the Date of filing GST Annual Return for FY 2019-20, whichever is earlier will be the time period within which XY Corp has to claim ITC.
Therefore, the date is 20th October 2020 and XY Corp can claim this ITC in any of the months between July 2029 to September 2020.

So, you can claim your ITC of F.Y 2019-20 in April, 20 to Sep, 20...any month GSTR 3 B but to be filed before 20th October,2020

Thanks a lot for the detailed answer, Sagar! 👍🏻👍🏻

You're Most welcome..........

What is the last date to file the annual return for FY 19-20? Our turnover is less than 2 cr. qnd we will only b filing annual return for fy 19-20. Thanks! 

As on date, The due date is 31st December 2020 for FY 19-20 as per GST Law [ Section 44(1) of the CGST Act 2017 ]
There will be date extension in future ( because as on date filing of Annual return for F.Y 2018-19 only is going on)

Thanks sagar! Instead of 19-20, Lets hope for now that due date fr fy 18-19 gets extended. :)

Yes, it will also get extended....


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