Sir,
My corporate assessee is filing quarterly returns and their annual turnover for Fy 22-23 is only 5041233/- - They have omitted to claim input credit of 19784.90 for the quarter ending 30.9.22 – I understand that they are exempted from filing annual return for the fy 22-23-
My query is whether the said input for the period Q2 of FY 22-23 can be claimed now before 30.11.23 – If yes, can it be claimed in the GSTR-3B for October 23 and also please advise me as to the procedure for claiming it
Corporate taxpayer can claim unclaimed ITC in GSTR-3B for Oct 2023 under Section 16(4), switch to monthly filing. A corporate taxpayer inquires about claiming unclaimed input tax credit (ITC) of 19,784.90 INR for the second quarter of FY 22-23, given their exemption from filing an annual return for that year. Experts advise that, according to Section 16(4) of the GST Act, this credit can be claimed in the GSTR-3B for October 2023, provided it is filed before November 30, 2023. However, the taxpayer must switch from quarterly to monthly filing to claim this ITC. Additionally, they should be prepared for potential discrepancies and notices from the GST portal regarding the claim. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
