Dear sir,
Recently 40th GST council has recommended to file the past GST returns of July 2017 to Jan 2020 between 1st July to 30th September. In this regard I would like to know can we claim Input tax credit for the year 2017-18 and 2018-19, time limit prescribed maximum limit is September in Section 16(4) of CGST Act, what is the use of giving the scheme to the dealers is just only to collect the revenue how the interest of the dealer will be protected legitimate input tax which was not all claimed by the dealers so far. please advise, Thanks in advance
Debate on ITC eligibility under GST stresses expired claim period for 2017-18 and 2018-19 returns. Timely filing crucial. A discussion on the eligibility of Input Tax Credit (ITC) under the Goods and Services Tax (GST) framework highlights concerns about claiming ITC for past years, specifically 2017-18 and 2018-19. Participants note that the 40th GST Council allowed filing past returns from July 2017 to January 2020 but clarified that the time limit for claiming ITC has expired, and no additional ITC benefits are available. The discussion emphasizes the importance of timely filing and compliance, suggesting taxpayers engage professionals to navigate frequent changes in GST laws and maintain compliance. (AI Summary)
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