ITC on bank charges

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14 Points Posted on 07 May 2020
can we avail credit on bank charges pertaining to fy 19-20 in year 20-21
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On 07 May 2020 at 23:09 Report
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Quick Summary
If you missed claiming Input Tax Credit (ITC) on bank charges for the financial year 2019-20, you can still claim it in the 2020-21 financial year. The deadline for claiming ITC pertaining to FY 19-20 is typically the September 2020 GST return. You can record these charges in your books for FY 20-21 and claim the ITC by revising your September 2020 GST return or before filing your annual GST return (GSTR9).

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GST Practitioner
55067 Points Posted on 07 May 2020
Yes you can .
Any ITC pertaining to Fy 19-20 can avail till September-2020 month's return.

(As per Provisio under section 16(4) of CGST Act)
3 Reply
On 07 May 2020 at 23:23
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14 Points Posted on 07 May 2020
But I fails to record ITC on such charges in books in fy 19-20 now I want to record in fy 20-21 is it possible
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On 07 May 2020 at 23:26
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Finance/Compliance Consultant
69623 Points Posted on 08 May 2020
Yes it is possible. You can revise the same on your Sept 2020 GST Return or before Filling the GST Annual Return via GSTR9
1 Reply
On 08 May 2020 at 07:43

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