Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Time Limit for Claiming of ITC

Manish S Thingalaya (student) (430 Points)

12 June 2018

What is the time limit for claim the ITC.. plz specify with section

Reply
Follow
Share

3 Replies

CA Naveen Chand (Chartered Accountant) (12739 Points)
Replied 12 June 2018

NO LIMIT FOR CLAIMING ITC HOWEVER ,

Failure of the supplier towards supply of goods and/or services within 180 days from the date of invoice, ITC already claimed by recipient will be added to output tax liability and interest to paid on such tax involved. On payment to supplier, ITC will be again allowed to be claimed

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Pankaj Rawat (GST Practitioner) (55057 Points)
Replied 12 June 2018

Yes .. its September of next fy Year or before filing of annual return , whichever is earlier

1 Like

Vinod Babu (24196 Points)
Replied 12 June 2018

ITC can be claimed only within one year from the date of issue of tax invoice relating to supply. In any other case, the last date to claim ITC is earlier of the two below:

Before the filing of valid return for the month of September following the end of FY to which such invoice is related, or Before the filing of the annual return

Note: As per section 44, the last date for filing of annual return is 31st December following the end of the financial year.

2 Like