Hi,
There are some bills of an input tax credit of previous year we don't take.
1. Are we eligible to take an input tax credit now?
2. if yes, how it is possible.
3. consequences if we, not take the input tax credit.
4. Is interest applicable to input tax?
5. And tell me how we calculate interest on the input tax if we wrongly and not take input tax.
I hope you understand what I'm trying to explain.
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Previous input tax credit.
Replies (1)
Not understood clearly but will attempt to answer.
1. ITC for FY 2019-20 is eligible upto September 2020 GSTR 3B return due date (this may be extended due to COVID lockdown and subsequent impacts - look out for Removal of Difficulty order similar to ROD 02/03 which was iissued rfor FY 2017-18)
2. ITC to be claimed in Table 4.A of GSTR 3B
3. Where ITC not claimed in GSTR 3B within time limit, it would be a cost to company. Books of accounts to be adjusted accordingly if ITC claimed in books (prior period item) (depreciation benefit can be claimed on this then)
4. Interest can be said to be applicable on ineligible ITC claimed or double ITC availment. 24% p.a. Note, the concept of net liability may not hold good here.
5. Interest applicable from when ITC claimed (3B filing date) to when it is reversed (3B/9/9C/DRC-03 filing date)
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