Availment of input credit

[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???

[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.

AI Summary

Input tax credit time bar prevents late claims; statutory deadline precludes refund for unclaimed prior year ITC.
ITC not availed within the statutory period becomes time barred and cannot be claimed or refunded; the window for availing closes at the earlier of the September return following the relevant year or filing of the annual return. While outstanding GST may be payable without a time limit, the statute imposes a specific limitation on claiming ITC, and failure to claim within that period precludes later recovery of the credit.