Skip to main content

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

Image
By Arpit Kulshrestha

Taxpayers Must Submit Their GST Returns by Nov 30, 2024, to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation.

What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24

It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1.

  • Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings.
  • Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed.

November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees.

Read Also: Companies Have 3 Weeks to Claim Pending GST ITC and Correct Errors in Returns

Due date to Claim ITC: Legal Perspective

According to Section 16(4) of the CGST Act, 2017, the assessee can claim ITC on invoices for FY 2023-24 by the earlier of the following dates:

  • November 30, 2024 (for invoices related to FY 2023-24), or
  • December 31, 2024 (the due date for filing the annual return for FY 2023-24).

November 20, 2024, is the practical due date to claim the ITC without penalty as ITC is availed via GSTR-3B. However, to claim the ITC the assessee can submit the GSTR-3B with a late fee till November 30, 2024.

Is it Possible to Claim ITC After November 30, 2024?

ITC cannot be availed post-November 30, 2024 as specified by the CGST act and the forthcoming press releases. The assessees are recommended to analyze skipped ITC and ensure that it is asserted in the GSTR-3B for October 2024, submitted on or before November 30, 2024.

Timely GST Return Filing Significance

‘Issues may occur in the late GST return filing which claims for the ITC. For instance-

  • The buyer could not claim for the ITC if a supplier does not submit the returns and file the GST even if the supplier rectifies the issue subsequently.
  • Section 16(4) disallows ITC claims after the cited due date, even if the supplier pays GST.

Amendments and Error Corrections for FY 2023-24

November 30, 2024, is the due date to rectify the errors or commissioning in past GST returns.

  • Amending GSTR-1: In the subsequent GSTR-1 filings the errors can be rectified.
  • Adjusting GSTR-3B: In the subsequent filings the errors in GSTR-3B can be rectified manually.
  • Annual Return: In the annual return the pending corrections can be addressed however any other tax obligation should get filed through DRC-03 including the interest.

GSTR-1A has been introduced by the government permitting the invoice level information to be revised before filing the GSTR-3B for the identical period. The same ensures that the correct invoice information auto-populates in the GSTR-3B return.

Common Errors That Can Be Rectified

The assessees must proactively analyze their records submit the returns precisely and use the available features to amend the discrepancies within the cited durations.

Comments

Post a Comment

Popular posts from this blog

How ITR Software Assists Individuals in Filing Tax Returns

By Arpit Kulshrestha
Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...
Post a Comment
Read more

Why Small Firms Should Consider Gen Payroll Software?

By Arpit Kulshrestha
Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...
2 comments
Read more