Availment of input credit, Goods and Services Tax - GST

[MANOJ JAIN]

Dear Sir

We forgot to claim gst input pertaining to financial year 2017-18 and 2018-19. The annual returns were also submitted without taking credit of input. But the expenditure has not been capitalised in the financial statements, it has been taken as input refundable in current assets of the balance sheet.

Is there any way that we can claim the same not???

Posts / Replies

[SOWMYA CA]

ITC not availed for the year 2017-18 and 2018-19 before September return following the respective year or filing of annual return whichever is earlier, becomes time barred as it is beyond that is allowed by the statute. No refund of such ITC can be taken too.

[KASTURI SETHI]

No remedy. Not covered by the Supreme Court order.

[Ganeshan Kalyani]

There is no time limit for any outstanding GST to be paid but certainly there is time limit for availing ITC.