Hello,
I have an ITC, which I don't want to claim now, I may have to claim after 1 month or 6 months or after a year. How do I do it in GST?
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ITC temporary reversal and reclaim
Replies (1)
1 year from the date of invoice (for invoices issued after 1-7-2017) -
2. Update your accounts and records to reflect the ITC claim.
3. File Form GSTR-3B (Summary Return) and Form GSTR-1 (Detailed Return) for the relevant tax period.
4. In Form GSTR-3B, report the ITC claim in the "ITC availed this period" section.
5. In Form GSTR-1, report the ITC claim in the "Input Tax Credit" table.
6. Pay any additional tax liability, if applicable.
7. Submit the forms and pay the tax (if applicable) within the prescribed time limit.
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