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Mistake in ITC on capital goods calculation

ITC / Input 168 views 3 replies

Ramachandran R

125 Points Joined November 2017

Hi,

I had purchases machineries in FY 19-20 and FY 20-21.

Instead of availing full ITC amount into Electronic Cash ledger, I had taken split into 60 months and taken the amount equally in every month as I understood the concept wrongly.

For FY 20-21 it can be corrected before Sept '22 filing and I like to Whether it is possible to correct or rectify for FY 19-20?

Regards,

Replies (3)

CA Altamush Zafar

GST Consultant

15986 Points Joined March 2013

For 19-20 you could have taken itc upto September 2020. After that if taken you will have to reverse.
Better engage a consultant for regular advisory to avoid these types of losses in future.

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Data related to FY19-20 cannot be corrected anymore. For FY20-21, revision can be made up to the return for Sep 2021 (not 2022)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

No now you cannot rectify it .
The credit you have availed upto September 20 return is only available to You . As it is clearly prescribed in Section 16(4) the credit is available upto September month following the end of FY.