Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B

economictimes.indiatimes.com:

input tax credit (ITC) or amend any errors or omissions in compliance with the Goods and Services Tax (GST) rules and regulations for FY 2023-24 by GST-registered taxpayers. If the taxpayer misses today’s date, he/she may lose out on claiming ITC benefit for FY 2023-24 under GST if any ITC claims are pending. It will result in a loss for the taxpayer as he/she will not be able to offset output GST liability with input tax credit.

Dinesh Jotwani, Co- Managing partner at Jotwani Associates says, «Section 16(4) of the Central Goods and Services Tax Act, 2017 reads as follows: A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier. Therefore, all GST-registered taxpayers must claim any pending input tax credit (ITC) for FY 2023-24 by November 30th. This is also the deadline for filing a GST form to amend any errors or omissions. Please do so to avoid the loss of Input Tax Credit Benefits.”

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GST form to claim pending input tax credit for FY 2023-24

According to tax experts, there are different GST forms for claiming pending input tax credit and amending any compliance/regulatory errors or omissions