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ITC 2019-20

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bijo

Accountant

302 Points Posted on 03 December 2020

If supplier submit their GSTR-1 for FY 2019-20 after the due date of September'20 return,can we claim that ITC?

Replies (3)

Quick Summary

For the financial year 2019-20, Input Tax Credit (ITC) can be claimed up to the due date of the September 2020 return (GSTR-3B). If a supplier files their GSTR-1 after this deadline, or if a credit note for FY 2019-20 is issued after September 2020, the ITC may not be claimable. The final deadline for claiming ITC for FY 2019-20 is the due date for filing the September 2020 return.

Vijayprakash P

1313 Points Posted on 03 December 2020

Section 16(4) provides that the taxpayer shall be entitled to claim Input Tax Credit against an invoice pertaining to financial year, maximum by the due date of filing of monthly return of September of succeeding financial year or the annual return whichever is earlier.

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Posted on 03 December 2020

Time limit for claiming Input Tax Credit (ITC) – time limit for taking ITC for F.Y 2019-20 is up to filing of return (GSTR-3B) for the month of September 2020. ... Hence, if a credit note is issued after September 2020 for any supply made during FY 2019-20, then GST liability cannot be reduced.