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Extension of time limit for availing ITC for FY 2021-22 upto 30th November 2022.

Pretext

 
Finance Act, 2022 made an amendment in Section 16(4) of CGST Act to extend time limit for availing ITC in respect of invoices or debit note pertaining to a Financial Year upto 30th November of the following financial year.

The amendment has come into force w.e.f. 01.10.2022 vide Notification No.18/2022 - CT.

Earlier the time limit was due date of September month i.e. 20th October / 22nd October / 24th October as the case may be.

Whether amendment is applicable for FY 2021-22?

 
Yes, as per CBIC Press Release dated 04.10.2022, the said amendment is applicable for FY 2021-22 also.
 

What is the due date for availing ITC for FY 2021-22?

 
ITC in respect of invoices or debit notes for FY 2021-22 can be availed in return (i.e. GSTR-3B) filed upto 30.11.2022. 
 

Can ITC be availed by filing GSTR-3B before 30th Nov, if GSTR-9 is already filed?

 
Section 16(4) of CGST Act, provides that a person can take ITC in respect of invoice or debit note upto 30th November of the next financial year or furnishing of the relevant annual return, whichever is earlier.
 
Therefore if GSTR-9 is already filed for FY 2021-22, then ITC for FY 2021-22 cannot be availed, even if the deadline of 30th November is not passed.
 

Whether due date of filing return for October month is also extended?

 
The said amendment does not extend the statutory due date of filing monthly return for the month of October (which is due in November). The extension is merely for availing the ITC in respect of in.......
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Author:

TaxReply.


Oct 6, 2022

Comments


Very useful
By: Keshavamurthy Il | Dt: Oct 6, 2022
Can we rely on Press release ? or we need some notification or circular for the same for future correspondence.
By: Abhijit Hemant Joshirao | Dt: Oct 7, 2022


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