Question on ITC

ITC / Input 285 views 3 replies

Hi,

I had an ITC of 3200 approx on April 2022 which I forgot to account for when I paid my GST each quarter. Can I account this ITC and adjust my GST payable in the coming quarter of June 2023?

Regards

Replies (3)
Yes you can adust with output Liability.
Yes you can.
ITC in credit ledger never get lapsed & cam be adjusted against output tax liability in future as there is no limit to adjust the same.
According to the GST law, the Input Tax Credit (ITC) for a particular tax period can be claimed up to the due date of filing the GST return for September of the following year or before filing the annual return for that year, whichever is earlier.

In your case, if you forgot to account for the ITC of approximately 3200 in April 2022, you can still claim it in your subsequent GST returns for the relevant period. Since you missed to claim it in your earlier returns, you can adjust this ITC in your upcoming GST returns for the tax period during which the ITC was available to you.


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