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

ITC availment period: prior-year credit may be claimed until filing the return under Section 39, subject to disclosure rules.
Taxpayers may avail Input Tax Credit for a prior financial year up to the statutory return-filing deadline for that year. Where return tables lack a specific row for certain credits, taxpayers may report import IGST credit in FORM GSTR-9 Table 6(E) to ensure such credits are captured in the annual return.