ITC Availability pertaining to previous Financial Year

[Ashiesh Prremji]

Dear Sir,

As we know to avail ITC, we have time upto September month in current month. My query is, if we have booked Invoices of FY 18-19 in current FY 19-20 & availed ITC on the same in 19-20 upto Sep 19 only. Is there any issue or ITC is ineligible ? Please clarify Sir....

Thanks!

[KASTURI SETHI]

No problem. You are entitled/eligible up to 20.10.19 for the financial year 18-19 or the date of filing return under Section 39.

[Himansu Sekhar]

In this regard, for 17-18 when the ITC was availed in 18-19, CBIC had issued a Press release which may be useful to you.

"Many taxpayers have represented that Table 8 has no row to fill in credit of IGST paid at the time of import of goods but availed in the return of April 2018 to March 2019. Due to this, there are apprehensions that credit which was availed between April 2018 to March 2019 but not reported in the annual return may lapse. For this particular entry, taxpayers are advised to fill in their entire credit availed on import of goods from July 2017 to March 2019 in Table 6(E) of FORM GSTR-9 itself."

AI Summary

Clarification on Input Tax Credit eligibility for FY 2018-19 invoices claimed in 2019-20; deadline is October 20, 2019, per Section 39. A participant inquired about the eligibility of availing Input Tax Credit (ITC) for invoices from the financial year 2018-19, which were booked and claimed in the financial year 2019-20, up to September 2019. One respondent clarified that ITC is eligible until October 20, 2019, or the date of filing the return under Section 39. Another respondent referenced a CBIC press release regarding ITC for 2017-18 availed in 2018-19, advising taxpayers to report their entire credit in Table 6(E) of FORM GSTR-9 to prevent lapsing.