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

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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.

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