A Company has accounted for ITC in the books of accounts in FY 2017-18 and FY 2018-19 based on invoices received and also goods / services have been received in the respecting accounting years ie FY 201718 and FY 2018-19
However in GSTR 3B the same has not been availed ie in returns
Query can the Company now in July 20 avail the ITC ( of FY 2017-18 and FY 2018-19) as mentioned above in GSTR 3B returns to be filed for July 20.
Experts please clarify
Company Misses Deadline for ITC Claims in 2017-18 and 2018-19; Experts Discuss Legal Options and Fairness A company sought advice on claiming Input Tax Credit (ITC) for fiscal years 2017-18 and 2018-19, which was not claimed in their GSTR-3B returns. Experts responded that the deadlines for claiming ITC for these years have passed, making it impossible to claim now. One participant argued that the law is unfair to taxpayers who have fulfilled all other conditions. Others emphasized the importance of adhering to statutory timelines to prevent misuse and ensure orderly tax credit claims. Suggestions included referring the issue to the GST Council or pursuing litigation, though the consensus was that ITC claims outside the statutory period would lapse. (AI Summary)
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