Regarding itc in gst

ITC / Input 118 views 2 replies

Himanshu Arora

Enterpreneur

45 Points Joined May 2018

Dear Sir,

In Sept 2017, I have filled my gstr 3b wrongly.

I entered purchase details instead of sales.

my sale for the month of sept 2017 was 4,38,813
and the tax on this is 21,940.66
but mistakenly i entered my purchase details : 7,57,444
and tax on this is 37872

and i forgot to enter details in Eligible ITC column and
submitted the application and it freezed at that time.

In short, I forgot to take advantage of ITC of the sept 2017 month.

Now I just want to know that: can i take the advantage of that lost ITC for the month of July 2018?

but later in GSTR 1 i corrected that details.

Thanks and regards

Himanshu Arora

9882522319

arorahunny707 @ gmail.com

Replies (2)

M.M Sachora

Tax Professional & Advisor

1421 Points Joined June 2012

yes you can take benefit of ITC in July -2018 because under refer Following
What is the time limit to avail GST ITC?

ITC can be availed by a registered taxable person in a specific manner and within a specified time frame. The table below shows the different situations wherein the inputs can be claimed for semi-finished goods or stock or finished goods.

Situation ITC claims day for semi-furnished goods/stock/finished goods (held on immediate preceding day)
If a person has applied for registration or is liable to register or is granted registration Day from when he is liable to pay taxes
When a person takes voluntary registration Registration day
When a taxable registered person stops paying taxes in composition levy scheme Day from when he is liable to pay tax normally u/s 7.

Input tax credit for the above-mentioned situations can be claimed only if it does not exceed one year from the tax invoice date of issue related to supply.

For any other cases, ITC must be claimed earlier of the following-

a) Furnishing of annual return or

b) Due date of filing the monthly return (GSTR-3) for the next financial year’s September month.