Much awaited CBEC Notification on ITC under GST

Much awaited CBEC Notification on ITC under GST

Central Board of Indirect Taxes & Customs Through Notification No. 18/2022 dated 28th Sept.  2022 has notified that all the Goods and Services taxpayers are eligible to avail the ITC pertaining to Financial Year 2021-2022 till 30 Nov 2022.

Formerly, the Input Tax Credit was accessible till September 30. You now have 2 additional months to take benefit of the ITC opportunity that you might have missed out on for the financial year 2021–2022.

Central Board of Indirect Taxes & Customs This notification is effective from 1st October. 

Rajput Jain and Associates

According to what we understand, the Central Government has extended till November 30, 2022, the deadlines for filing GST returns for the FY 21–22, issuing credit notes, and notifying them.

It is important to note that November 30, 2022, rather than the GSTR 3B filing deadline in November 2022, will serve as the final date for the aforementioned advantages. The consequence is that taxpayers can use the ITC up until the GSTR 3B filing due for October, which is November 20 or November 30. (with late fees)

But A different viewpoint that can be held in this regard is that the credit in inquiry can be recorded in the books of accounts by November 30 and that it will be treated as having been used by that date as long as it is reported as such in the GSTR 3B return that must be submitted for the month of November as of December 20, 2022.

Having said the same, the GST dept circular that may clarify its applicability for the financial year 2021–2022 should validate the above perspective.

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