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The CBIC Shifts the GST ITC Filing Deadline to November 30

The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for claiming Input Tax Credit (ITC) to November 30th, 2022, from the earlier deadline of October 20th, 2022. The notification also extends the deadline for issuing credit notes and declaring GST returns for Financial Year 2022, to November 30th.
The Cbic Shifts The Gst Itc Filing Deadline To November 30

On what grounds can your ITC claims be denied?

Input Tax Credit claims under the current GST regime can be canceled due to a
  • Mismatch between details of the returns filed in forms GSTR-1, containing the monthly Statement of Outward Supplies and Form GSTR 3B, containing the summary of monthly GST liabilities of the GST Dealer,
OR
  • A mismatch between auto drafted ITC statements by the suppliers in forms GSTR-2B and GSTR 3B

Recent changes in GST rules

According to a recent amendment to the GST rules over the grounds for canceling GST registrations of dealers, a government notification specified that,
  • if a GST dealer, required to file his returns monthly, fails to do so, for a continuous period of 6 months,
OR
  • If a GST dealer, required to file his returns quarterly, fails to do so for two consecutive tax terms
then , the GST registrations of such dealers can be canceled by the GST Department immediately.
Secondly, the buyer, from now on, cannot claim input tax credit for the goods and services purchased, if a corresponding statement of Input Tax Credit containing the details of the purchase, has not been filed by the supplier.

About Setindiabiz

Setindiabiz is an organized team of experienced CA, CS, & Lawyers, duly supported by a pool of trained accountants & paralegal staff that provides quality & affordable compliance services to startups & small businesses in India. The views, statements and recommendations expressed in this article or post are only for the sole objective of providing information, and it does not constitute professional advice or recommendation of the company. Neither the author nor the company or its affiliates accepts any liability for any loss or damage arising from any information in this article or any actions taken in reliance thereon.

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