CBIC vide Notification No. 18/2022-Central Tax dated 28th September 2022has notified that all the taxpayers are now eligible to avail the Input Tax Credit pertaining to FY-2021-2022 till 30 November 2022.
The same was available till September 30 earlier. So now, you have 2 additional months to avail of the Input Tax Credit benefits which you may have missed to claim in FY- 2021-2022.
This notification is effective from 1st October.
We understand that the Central Government has extended the time period to claim the ITC, issue and report the credit notes and rectify GST returns pertaining to FY 21-22 till November 30, 2022.
It is pertinent to mention here that the last date for the above-mentioned benefits will be November 30, 2022, and not till the due date of filing of GSTR 3B of November 2022. Thereby, it implies that taxpayers can effectively avail of the ITC till the date of filing of GSTR 3B of October, i.e, November 20 Or by November 30 (with late fees)
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However, another view that can be taken in this regard is that the said credit can be recorded in the books of accounts by November 30 and the same shall be treated as being availed by November 30 subject to the availment of the same in the GSTR 3B return which needs to be filed for the month of November as on 20 December 2022.
Having said the same, the said view shall need to be validated by the department circular which may clarify the applicability of the same for the financial year 2021-22.
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