GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
goods and services tax (GST) registered taxpayer and want to claim any pending input tax credit (ITC) for FY 2023-24 or amend any errors or omissions under GST then note the last date to do so is November 30, 2024, by filing a specified GST form. If you miss this opportunity, then you may lose out on claiming input tax credit (ITC) if any remains to be claimed for FY 2023-24. Needless to say, if you do not get the benefit of claiming input tax credit then it will result in loss as you can't offset your output tax liability with input tax credit.
How to claim pending GST input tax credit or amend any error or omissions for FY 2023-24
Experts say that the law is very clear about how to claim pending input tax credit (by filing GSTR 3B form) or amend any errors or omissions under GST (through GSTR 1 form).
«Any reporting error while filing GSTR 1 can be amended by the taxpayers by way of an amendment while filing GSTR 1 for subsequent tax periods. Input tax credit can only be availed in GSTR 3B return,» says Smita Singh, Partner, S&A Law Offices. The deadline to file GSTR 3B return is November 20, 2024, and the deadline for filing GSTR 1 was November 11, 2024. Both the returns can be filed till November 30, 2024, by paying the late fee.
If you need to claim any pending input tax credit do it by November 30 for FY 2023-24
There has been some confusion regarding the deadline. Singh says that as per section 16(4) of the CGST Act, 2017 the time limit to avail pending ITC on invoices pertaining to FY 2023-24 is:
- 30th
