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FinMin extends deadline to avail GST input tax credit benefit to March 2019

The deadline for claiming input tax credit ended on October 25, 2018

Press Trust of India  |  New Delhi 

GST, IGST, CGST

The has allowed businesses to claim input credit benefit for the first financial year of roll out, till March 2019, provided it matches with the return filed by their suppliers.

The deadline for claiming input credit (ITC) ended on October 25, 2018.

Tax experts said that ITC claims were allowed to businesses earlier provided businesses had generated invoice, paid taxes and filed returns. However, in the recent order the CBIC has mandated that ITC claims would have to be matched with GSTR-2A.

GSTR-2A is auto-generated by the systems based on sales returns filed by suppliers.

The and Customs (CBIC) through a gazette notification issued an order stating that ITC claims for the maiden year of (GST) roll out (July 2017 to March 2018) will be allowed till March 31, 2019.

was rolled out from July 1, 2017.

Besides, the CBIC has also allowed businesses to correct any error or omission in filing of final sales return or GSTR-1 for the period July 2017-March 2018. Now businesses can correct the errors in the returns to be filed for January-March 2019.

Partner said "this relaxation would find favour with millions of taxpayers who would collectively claim worth billions of rupees. This respite together with recent rationalisation of tax rates is expected to mark a dent in tax collection of next 3 months".

First Published: Thu, January 03 2019. 16:10 IST
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