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Deadline Approaching for Accurate Declaration of ITC in GST

Last updated: 21 November 2023

In a significant announcement, the State Goods and Services department has informed taxpayers that November 30, 2023, marks the final date for availing input tax credit and ensuring the accuracy of information related to ineligible input tax credit for the fiscal year 2022-23.

The prescribed procedure mandates completion through the GSTR-3B return filing for the month of October 2023, with a due date of November 20. It is imperative for all taxpayers utilizing the GSTR-3B form to claim the total input tax credit for the fiscal year 2022-23, as specified in the GSTR-2B statements. Additionally, taxpayers must diligently reverse any ineligible input tax credit through the designated 4B(1) table in the GSTR-3B form.

Deadline Approaching for Accurate Declaration of ITC in GST

The Commissioner of State GST emphasized the critical role of accurately declaring Integrated GST (IGST) input tax credit, highlighting its direct impact on the state's tax revenues. All eligible taxpayers are urged to exercise due diligence in complying with these requirements to ensure the integrity of the tax system.

Notably, taxpayers who have inadvertently entered input tax credit details in the 4B(2) table instead of the designated 4B(1) in their previous returns are advised to take immediate action. They should reach out urgently to the Taxpayer Service Division at the Office of the Joint Commissioner, Taxpayer Circle, or the GST Intelligence wing at the district level before filing their returns for October.

Failure to adhere to these guidelines may result in complications for taxpayers and potential repercussions from tax authorities. As the November 30 deadline approaches, it is crucial for businesses and individuals to act promptly and in accordance with the specified procedures to avoid any adverse consequences.

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